Jon Corzine Guilty: Former Goldman Sachs CEO Is “Legally Responsible” for Misusing Customer Money :
Court documents released today by the CFTC declare Jon Corzine guilty in 2011′s MF Global scandal....
Now we know for sure that Corzine was directly involved in losing customer money. As a result, the ruling declares that MF Global must settle all charges against company, pay a $100 million penalty, and pay all the funds still owed to commodity customers. That is, Corzine is just getting fined.
We’ll have to look deeper into the full legal case here, but upon a first reading of the CFTC report, it sure seems to us that Corzine (or, more accurately, MF Global) deserves more than just a fine. We think Corzine deserves jail time for his offense.
As one commenter said, “You can get 10 years for stealing $30 with a gun, but a slap on the wrist for stealing 1 billion with a pen.”
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21:03
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Posted in: Wall Street Trading
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