MF Global CEO, Jon Corzine’s game plan on European Bonds highly failed pushing the firm to file for Chapter 11 bankruptcy protection. About $1.2 billion of MF Global’s customer money was unaccounted for when the company collapsed of which $ 175 Miliion of customer account went missing.
Five hundred billion dollars. That’s how much Greece has borrowed, and now owes to many others. Five hundred billion dollars is also the same as half a trillion dollars, and no matter how it’s described that’s a lot of money for Greece and the Eurozone to remedy. It took years of mismanaged spending and widespread tax evasion to get the country in this mess, while the Eurozone has only a very limited time to get Greece, and other countries out of the mess before the largest economic zone in the world falls apart.
MF Global, a now-bankrupt brokerage firm has roots that go back more than two centuries to a London trading firm. Unlike other brokerage firms, MF Global is not in the business which revolves around buying and selling of stocks or into selling of European bonds. MF Global has been in the market for a long time and it primarily focused on assisting investors on placing bets on where stocks or bonds or commodity prices are headed by selling so-called futures contracts.