MF Global, formerly Man Financial was a derivative broker company.
In 2008, while the firm’s control software was turned off (!), a trader decided to trade for his own profit: the result was a loss of 141 million.
In October 2011, MF GLobal faced a major liquidity crisis due various off-balance repurchase agreements and failed investments in European bonds. MF global filed for Chapter 1 on October 31, 2011.
A key figure in the collapse of MF GLobal was Jon Corzine, a former Chairman and CEO of Goldman Sachs.
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