Limerick on MF Global: Corzine’s Congressional Testimony

“A billion-point-two, evidently,
Has failed to be found, accidentally;
Though we foundered, it’s true,
When our funding withdrew,
Our finances were fine, fundamentally.”

Ex-MF Global CEO Jon Corzine told the House Agriculture Committee that he was “devastated by the enormous impact on many people’s lives” when the giant futures broker went bankrupt. In his first public appearance since the firm’s collapse, Mr. Corzine expressed regret but not remorse. MF Global’s failure was, in his view, precipitated not by his misjudgment in holding a $6.3 billion leveraged position in European bonds, but rather the market’s sudden lack of confidence in in the firm’s balance sheet. Regarding the notoriously missing $1.2 billion in MF Global customers’ funds, Mr. Corzine testified: “I simply do not know where the money is.”

Limericks Économiques

via Corzine's Congressional Testimony.


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