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Bankrupt finance firm MF Global’s CEO, former U.S. Senator and New Jersey Governor Jon Corzine, has tendered his resignation. This follows the firm’s announcement of insolvency, and subsequent revelations of large sums missing of account holders’ money. Corzine hoped to transform MF Global from a small but ancient trading firm into a major powerhouse like Goldman Sachs. He and his team sought to do so by placing heavy bets on European sovereign debt instruments, a gamble which has proven disastrous given the tumult in the eurozone. To his credit, former CEO Corzine will decline a $12.1 million severance package due him.

 

[NPR]