I literally picked up the phone and called Jon Corzine and said 'Jon, what do you think we should do?' The reason why we called Jon is because we knew he knew about world markets, about how to respond. . . . We trusted his judgment.
Taken all together, it is not surprising that America's finances resemble MF Global's.
The brokerage firm run by former New Jersey governor and senator Jon S. Corzine is being investigated by federal regulators after the discovery that hundreds of millions of dollars in customer money has gone missing, according to reports.
A federal official said on Tuesday that an MF Global executive had admitted that the firm used clients’ money as troubles mounted over bad bets on European sovereign debt, according to the AP.