James Giddens, the Trustee appointed in the wind-down of MF Global Inc., this morning filed a report on his initial findings in the investigation of the firm’s dramatic downfall, concluding that choices made my MF Global management and a lack of sufficient oversight systems led to customer property being improperly used.Just to refresh your memories, Jon Corzine was one of Obama’s top fundraisers in the 2008 election campaign.
As such, Giddens believes claims for breach of fiduciary duty, and negligence, can be asserted against former MF Global CEO Jon Corzine, former CFO Henri Steenkamp, and former Assistant Treasurer Edith O’Brien, among others, according to the report. Giddens is already in talks with commodities’ customers’ class action counsel about actions against MF Global officers and directors and other employees.
Wednesday, June 6, 2012
We interrupt the Obama campaign’s non-stop harping about Bain Capital…
…to bring you the latest on Jon Corzine and MF Global.