Jon S. Corzine has resigned from his posts at the embattled brokerage MF Global, the company announced on Friday. Corzine, the firm's chairman and chief executive, will not seek severance payments from MF Global, which filed for bankruptcy on Monday, according to the company's statement. Under his employment contract, he was entitled to $12 million in payouts.
"I feel great sadness for what has transpired at MF Global and the impact it has had on the firm's clients, employees and many others," Mr. Corzine, 64, said in a statement. "I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm's assets."
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October 25, 2011 - company reported quarterly loss of $191. million - Moody reduced ratings to junk status - Chapter 11 bankruptcy protection - $6 billion invested in sovereign bonds issued by European countries.
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MF Global, formerly known as Man Financial, was a major global financial derivatives broker. MF Global provided exchange-traded derivatives, such as futures and options as well as over-the-counter products such as contracts for difference (CFDs), foreign exchange and spread betting. MF Global was also a primary dealer in United States Treasury securities. The company filed for bankruptcy protection on 31 October 2011, with the brokerage unit to be liquidated after liquidity problems arising from investments in European sovereign bonds.
MF Global was the brokerage segment of Man Group until 2007, when the business decided to split the investment and brokerage businesses so they could each focus on their own markets.
Jon Corzine, CEO, since March, 2010; former New Jersey governor - Wikipedia
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