Corzine Destroys MF Global in Just 18 Months

Jon S. Corzine, the former New Jersey governor, raced over the weekend to find a buyer for MF Global Holdings Ltd. in an attempt to rescue the securities firm he now runs from a crisis partially of his own making.
MF Global was nearing a deal late Sunday night to file for Chapter 11 bankruptcy protection as soon as Monday and sell assets to Interactive Brokers Group, said a person familiar with the matter.
The tentative agreement, reached after a marathon weekend of negotiations, will likely end the short tenure for Mr. Corzine at MF Global.
Mr. Corzine, who took over as chief executive of MF Global last year, made big bets on sovereign bonds issued by European countries, according to people familiar with the situation. Those trades, which ballooned over $6 billion, helped knock MF Global's own debt ratings to junk and drained investors' confidence in the firm.

Corzine should go to prison for this!