The Phaserl


The case against Jon Corzine

The former MF Global chief blundered, but how much?

by David Weidner, Market Watch:

Louis Freeh’s decision to sue Jon Corzine, the former head of MF Global Holdings Ltd. is a big development on Wall Street where few leaders of financial firms are held accountable for the failings of their firms.

Freeh, the trustee for the bankrupt holding company, sued Corzine Tuesday for his role in the eighth-biggest U.S. bankruptcy. Freeh alleges that Corzine was reckless, failed to act in good faith and implemented doomed strategies.

Forget for a moment that MF Global managers appear to have raided close to $2 billion customer funds, which, while abhorrent, isn’t at the center of this case.

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