Finally someone with guts to go after Corzine
I have blogged many times and even gotten into heated arguments with others about the culpability of Jon Corzine. I also charged that he was getting a free pass just because of who he was. The SEC, the CFTC, the US AG all leaving him alone. Finally the trustee for MF's BK is showing the guts to hold Corzine accountable.
NEW YORK (AP) — The trustee in the MF Global Holdings bankruptcy case has sued ex-CEO Jon Corzine and other former executives, alleging they "failed to act in good faith" while running the company.
The lawsuit, filed Monday in bankruptcy court in New York, says Corzine and two other top executives "dramatically changed" the company's business plan after he became CEO in 2010. They then failed to update controls and other systems that were already weak, the lawsuit says.
Corzine pushed the company into making big bets on bonds issued by European countries, a move that proved disastrous during the implosion of the debt crisis the following summer.