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(Image from article: "CEO Corzine steps down at MF Global")

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CEO Corzine steps down at MF Global

CEO Corzine steps down at MF Global

He set out to create a mini-Goldman Sachs. In the end, he built a mini-Lehman Brothers. Former New Jersey Gov. Jon Corzine's resignation Friday from the securities firm he led capped a week of high drama and swift failure. Less than a week ago, Corzine had expected to sell his firm, MF Global. By week's end, it had collapsed into bankruptcy. And Corzine had hired a criminal defense lawyer in the face of an investigation of the firm by the FBI and federal prosecutors.

Senh: When there is such an obvious conflict of interest as this, why isn't Gary Gensler removed from the investigation team. The guy has worked with and has close ties to Jon Corzine. It's apparent that he's not going to have the best interest of clients who has lost millions.

 

Goldman CEO: We didn’t bet against clients

Goldman Sachs CEO Lloyd Blankfein, in written testimony prepared for a Senate hearing on Tuesday, said his firm "certainly did not bet against our clients."

 

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