WASHINGTON – MF Global's collapse and the loss of an estimated $1.6 billion in customer money was triggered by former CEO Jon Corzine's poor management decisions and lax protections for customer funds, a congressional investigation has determined.
The findings of the House Financial Services Subcommittee on Oversight will be spelled out in a report to be released on Thursday.
In a preview of the report, the panel's chairman, Rep. Randy Neugebauer, said on Wednesday the evidence unearthed by the committee puts the blame squarely on Corzine, who has denied any wrongdoing.
"The responsibility for failing to maintain the systems and controls necessary to protect customer funds rests with Corzine," the report says. "This failure represents a dereliction of his duty as MF Global's chairman and CEO."