Prior to stepping into the role as MF Global CEO, Jon Corzine had a penchant for saying all of the right things when it came to how a financial company should be run.
During his first earnings conference call as the broker's CEO, Corzine, a former New Jersey governor, U.S. senator, and chairman of Goldman Sachs, reassured Wall Street analysts and the company's shareholders that taking on huge risks wasn't going to be the answer to turning around MF Global.
And yet, in late October 2011, the country's eighth-largest futures broker filed for bankruptcy, a collapse that was precipitated by a $6.3 billion bet on European sovereign debt championed by Corzine himself.
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