Financial Services Subcommittee Report – Decisions by Corzine, Lack of Communication Between Regulators Led to MF Global Bankruptcy, Loss of Customer Funds

by Sabrina I. Pacifici on November 15, 2012

News release: “The House Financial Services Subcommittee on Oversight and Investigations, chaired by Rep. Randy Neugebauer, released the full results of its year-long majority staff investigation into the collapse of MF Global on [November 15, 2012]. The report chronicles the demise of the 230-year old commodities brokerage firm, which declared bankruptcy in October 2011. MF Global’s failure was the eighth largest bankruptcy in U.S. history and resulted in a $1.6 billion shortfall in customer funds…The Subcommittee staff’s investigation of MF Global involved three hearings, more than 50 witness interviews, and the review of more than 243,000 documents obtained from MF Global, its former employees, federal regulators and other sources.”

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