What went wrong with MF Global?

The collapse of MF Global is attributed to the company using its own funds to trade in bonds floated by weak eurozone economies such as Portugal, Spain, Ireland, etc, which may not be able to service their debts unless these are rolled over and investors agree to take a partial loss on their investments.

Did MF Global clients get their money back?

Former securities and commodities customers of MF Global have recovered $8.1 billion — virtually all of their assets — with Tuesday’s conclusion of the bankruptcy court liquidation of the failed brokerage formerly headed by Jon Corzine.

When did MF Global fail?

MF Global was the largest broker at many of the world’s commodity exchanges. But on Halloween Day – Oct. 31 – in 2011, the company filed for bankruptcy in what became the eighth-largest business failure in U.S. history.

What did MF Global do?

Spun out of Man Financial Group in 2007, in a less than remarkable initial public offering (IPO), at a time when upsets in the global financial markets were beginning to be felt, MF Global was a commodities brokerage house (futures commission merchant, FCM) offering clearing and executions services.

What happened to Corzine?

Corzine, who ran MF Global when it collapsed into bankruptcy in 2011 and lost more than $1 billion in customer money.

What did Jon Corzine do?

After more than five years of investigations and negotiations, the curious case of MF Global is finally closed. On Thursday, federal regulators announced a $5 million settlement with Jon S. Corzine, who ran MF Global when it collapsed into bankruptcy in 2011 and lost more than $1 billion in customer money.

What regulatory agencies were involved in overseeing MF Global?

MF Global Inc. (“MFGI”), an indirect subsidiary of the holding company, was dually registered with the Commodity Futures Trading Commission (“CFTC”) as a futures commission merchant (“FCM”) and with the SEC as a broker-dealer.

What brokerage firm went out of business?

In the heyday of national brokerage firms, there were no less than a dozen major players, all of which have consolidated into the four legacy wirehouses we know today: Bank of America Merrill Lynch, Morgan Stanley, Wells Fargo Advisors and UBS.

Who is Jon Corzine married to?

Sharon Elghanayanm. 2010
Joanne Dougherty Corzinem. 1969–2003
Jon Corzine/Spouse

Who is Jon Corzine?

Jon Stevens Corzine (/ˈkɔːrzaɪn/ KOR-zyne; born January 1, 1947) is an American financial executive and retired politician who served as a United States Senator from New Jersey from 2001 to 2006 and the 54th governor of New Jersey from 2006 to 2010.

What is Phil Murphy worth?

Personal wealth Murphy’s position at Goldman Sachs when the firm had its IPO brought his net worth above $50 million.