MF Global Inc., the defunct brokerage once led by Jon Corzine, will begin final distributions to fully satisfy $6.7 billion in claims from former customers, starting tomorrow and lasting several weeks, the trustee overseeing the repayments said.
As guests dined on tea-smoked quail at a party in Washington last month, Lieutenant General Douglas Lute , President Barack Obama ’s coordinator for Afghanistan policy, stood to offer praise for a new report.
Jon S. Corzine, former chairman and chief executive officer of MF Global Holdings Ltd., Bradley Abelow, chief operating officer and Henri Steenkamp, chief financial officer, testify before the Senate Agriculture Committee on the collapse of the New York-based brokerage. (This is part 1 of the second of three panels appearing before the committee. Source: Bloomberg).
MF Global Holdings Ltd., the holding company for the broker-dealer run by ex-Goldman Sachs Group Inc. co-chairman Jon Corzine, filed for bankruptcy protection as it seeks to reorganize after making bets on European sovereign debt. Its broker-dealer unit, MF Global Inc., faces liquidation.
Citigroup Inc., whose $285 million settlement with U.S. regulators over a collapsed collateralized debt obligation was faulted by a federal judge as too lenient, may have to pay more money to avoid admitting it did anything wrong, said lawyers following the case.
Jon Corzine and other ex-managers of MF Global Inc. are appealing a court ruling calling for 100 percent repayment to customers of the bankrupt brokerage, a move its trustee said may delay distributions.
Jon S. Corzine, the former chairman and chief executive officer of MF Global Holdings Ltd., told lawmakers he “never gave any instructions to misuse customer funds” and didn’t give orders that could be misconstrued.
U.S. authorities are investigating whether MF Global Holdings Ltd. intentionally tapped customer funds to cover the bankrupt firm’s margin payments on European government bond trades while lawmakers press top company officials on the possible misuse of as much as $1.2 billion.
R. Allen Stanford, standing trial on allegations he led a $7 billion investment fraud, appeared in an October 2008 video shown to jurors in which he decried “damn greed” on Wall Street as the financial crisis deepened.