It's been three months since MF Global became the eighth-largest bankruptcy in U.S. history. Did anyone see this coming? Well, a few people had some idea, and a congressional subcommittee heard from them on Capitol Hill Thursday.
What do farmers in Montana, traders in Chicago and a pension fund in Canada have in common? They're all among the litigants who have filed suit against Jon Corzine in the wake of the MF Global failure.
The ax fell Friday for all 1,066 employees of bankrupt MF Global's brokerage unit, the trustee overseeing the liquidation of the company announced.
The trustee in the MF Global case Friday won the power to subpoena executives of the bankrupt brokerage firm and other parties in the case following revelations that more than $600 million in customer funds have allegedly gone missing.
After weeks of speculation about how more than a billion dollars in customer money went missing at MF Global, former CEO Jon Corzine will give his side of the story on Capitol Hill Thursday.
Jon Corzine, the former chief executive officer of the bankrupt broker MF Global, apologized for his firm's failure Thursday and told a House committee that he doesn't know where its missing customer money went.
It's not just Congress that wants answers about the missing money at bankrupt brokerage MF Global.
A government regulator said in court Wednesday that roughly $600 million is missing from the books of bankrupt brokerage MF Global. The firm, headed by former New Jersey governor and Goldman Sachs CEO Jon Corzine, filed for Chapter 11 protection on Monday following a panic from investors over its holdings of risky European debt. (MF Global: Sorting through the debacle.)
The trustee in the MF Global case requested authorization on Thursday to subpoena executives of the bankrupt brokerage following revelations that more than $600 million in customer funds have allegedly gone missing.
Jon Corzine has resigned as chief executive officer of bankrupt MF Global, and the firm says he will not be taking a severance package on his way out.
Jon Corzine, recently-resigned head of MF Global, is technically eligible to get a $12 million compensation package, though the company says he won't take it.
Money was found missing from the books of MF Global, a discrepancy that cost the brokerage a potential deal with Interactive Brokers and forced it into bankruptcy, according to government agencies.
Is it fun yet, Jon? It was just like old times for former Goldman Sachs CEO, U.S. Senator, and Governor of New Jersey Jon Corzine when he faced Wall Street and the press yesterday in his new role as chairman and CEO of little-known brokerage firm MF Global. "Let me state the obvious," he said when reporting a disappointing quarter. "These are not the kinds of results that MF Global management will tolerate, nor should its shareholders."
MF Global, a trader in commodities and derivatives brought down by bad bets on Europe, filed for bankruptcy protection on Monday, leaving behind more than $2 billion in debt to some of Wall Street's biggest players.
After hours of testimony from ex-MF Global CEO Jon Corzine on Capitol Hill Tuesday, the head of exchange operator CME Group "tossed a bomb," as one senator put it.
Former MF Global CEO Jon Corzine returned to Capitol Hill Thursday, where he rejected allegations aired earlier this week that he was aware of fund transfers from customer accounts.
Few outside of Wall Street have noticed the drama swirling around broker MF Global this week. But they should be paying attention.
Former MF Global CEO Jon Corzine's claims about the firm's missing customer money were called into question Tuesday as the probe of the bankrupt brokerage continued on Capitol Hill. Corzine returned to the hot seat Tuesday before the Senate Agriculture Committee, this time flanked by two former colleagues from the brokerage's parent company, MF Global Holdings: Chief operating officer Bradley Abelow and chief financial officer Henri Steenkamp. (MF Global: Sorting through the debacle.)
It's been more than six weeks since the bankruptcy of Jon Corzine's MF Global, and everyone from the FBI to Congress to frustrated customers is still trying to figure out what exactly went wrong. Here's a quick primer on what happened, what's at stake, and what we know so far:
The House Agriculture Committee voted unanimously Friday to subpoena Jon Corzine, the former CEO of bankrupt trading firm MF Global, to compel his testimony at a hearing next week.
The House Financial Services Committee has called on former New Jersey governor and MF Global CEO Jon Corzine to give testimony about the widening scandal at the bankrupt brokerage.
The former New Jersey governor resigns as CEO of collapsed investment firm MF Global.
MF Global declared bankruptcy Monday and has ceased trading.
MF Global executives pled in bankruptcy court Tuesday for access to enough money to keep the company afloat.
New Jersey Gov. Chris Christie is under fire from opposition lawmakers over his use of a state police helicopter to travel with his wife to his son's high school baseball game.
Politics is serious business -- but not all of the time. From the halls of Congress to the campaign trail to the international stage, there's always something that gets a laugh or a second glance.
Politics is serious business -- but not all of the time. From the halls of Congress to the campaign trail to the international stage, there's always something that gets a laugh or a second glance. Here are some of the things you might have missed:
Iowa Republican gubernatorial nominee Terry Branstad looks east when asked if he is concerned about a possible third-party candidacy by rival Bob Vander Plaats.
Wyclef Jean The Haitian-born musician became emotional as he denied accusations that he misused funds from his charity, Yéle Haiti. Experts on nonprofits said they saw no evidence of serious wrongdoing, other than slowness in filing taxes, CNNMoney.com reported.
The New Jersey legislature voted Monday to make that state the 14th in the country to approve marijuana for medicinal use, pending the governor's signature.
The New Jersey Senate is expected to vote Thursday on a bill that would legalize same-sex marriage in the state.
Victories in New Jersey and Virginia Tuesday provided a major shot in the arm for the Republican Party heading into the 2010 elections, but the Democratic losses of these two governorships should not be interpreted as a significant blow to President Obama.
CNN's Anderson Cooper discusses with his panel whether local election results reflect public opinion on the performance of President Obama.
Tuesday's off-year election may not have had the high stakes of the 2008 presidential election, but several races are significant on the national level:
Republican Bob McDonnell wins the race for governor in Virginia, reversing a trend of the state electing Democrats.
The president didn't watch the election returns Tuesday night, according to his press secretary, Robert Gibbs. He watched his beloved Chicago Bulls instead.
A Republican Party left for dead by many in the wake of recent Democratic landslides sprang back to life with wins in hotly contested races for governor in Virginia and New Jersey.
"All politics is local." That four-word statement, originally uttered by former Democratic House Speaker Tip O'Neill, is one of the favorite clichés of political pundits everywhere. But it's seldom respected when it matters most.
A Republican Party that struggled in the wake of recent Democratic landslides sprang back to life Tuesday with wins in hotly contested races for governor in Virginia and New Jersey, according to CNN projections.
CNN's John King explains that many Virginia voters who elected President Obama did not vote for Democrat Creigh Deeds.
As voters across the country head to the polls Tuesday, one thing appears certain: Many of them are angry.
Even though President Obama is not on the ballot this November, he and the Democrats who control Congress have a lot on the line.
President Obama hits the campaign trail Thursday -- not for himself, but for fellow Democrat Jon Corzine.
The largest mass transit project in the country got under way Monday with the help of federal stimulus dollars, as public officials broke ground on a second passenger rail tunnel beneath the Hudson River.
Even as the nation's economy is showing some tentative signs of bottoming out, another calamity looms: the public pension bomb.
Venezuela will give a 300-acre island in the Delaware River to the state of New Jersey, the governor's office announced.
New poll numbers in New Jersey spell more trouble for Gov. Jon Corzine's bid for re-election. The poll could also be a sign that the country's severe recession may take a toll on incumbents running for re-election.
At 21 landfills in New Jersey, methane gas produced by decomposing garbage is used as fuel to generate electricity
Members of Congress are now debating whether the government should demand equity stakes in any bank included in the proposed $700 billion bailout being pushed by Treasury Secretary Hank Paulson. If history is any guide, such a provision could recoup a big chunk of change for U.S. taxpayers.
In five years, New Jersey residents seeking driver's licenses will have to decide whether they want to become organ donors under a new first-of-its kind law
CNN political producer Sasha Johnson talks with Asieh Namdar about race, polls, money, and the search for VP nominees.
Pope Benedict XVI concluded his six-day visit to the United States with a final address Sunday, thanking Americans for their hospitality and calling on people worldwide to pursue "justice and peaceful coexistence."
The Democratic presidential race is tightening in Pennsylvania ahead of its April 22 primary, according to a new CNN analysis of recent polls in the key campaign state.
A committee of the New Jersey Assembly on Thursday approved a resolution that would make the state the first north of the Mason-Dixon line to apologize for slavery.
New Jersey Gov. Jon Corzine signs legislation that bans the death penalty in his state. CNN's Heidi Collins reports.
The man who raped and killed 7-year-old Megan Kanka -- the 1994 crime that inspired "Megan's Law" -- is one of eight men whose sentences were commuted to life in prison this week as part of New Jersey's new ban on execution.
New Jersey became the first U.S. state on Friday to mandate sharp greenhouse gas reductions by 2050 in an effort to fight climate change.
New Jersey Gov. Jon Corzine was released from the hospital Monday, nearly three weeks after he almost died in a car crash.
The year was 1968. I was covering the summer Olympics in Mexico City and I was on my way to one of the venues, driving on the Pereferique, the freeway that ringed the city. All of a sudden there was this tremendous commotion of horns and sirens and flashing lights behind me. I thought it surely must be an ambulance or a hospital emergency and pulled the wheel right, hitting the shoulder of the road and nearly flipping.
When the story first came out, the only appropriate response was sympathy. Jon Corzine, the well-regarded governor of New Jersey and former co-CEO of Goldman Sachs, was critically injured last week in an accident on the Garden State Parkway. He was flown by helicopter to a hospital in Camden with a broken leg, collarbone, a dozen ribs, and other injuries.
The driver of the pickup that may have been involved in the crash that critically injured New Jersey Gov. Jon Corzine has been found, police said late Saturday afternoon.
New Jersey Gov. Jon Corzine was hurt in a car accident Thursday evening while traveling to host a meeting between the Rutgers University women's basketball team and former radio host Don Imus.
Facing pressure from the state's top court, the New Jersey Legislature voted Thursday to give gay and lesbian couples the rights and privileges of marriage, while using the term "civil unions" to describe the partnerships.
New Jersey Gov. Jon Corzine signed a $30.9 billion compromise state budget into law Saturday evening, formally ending a financial impasse that essentially shut down the state and some of its businesses.
Atlantic City's 12 casinos began shutting down for the first time ever at 8 a.m. ET Wednesday morning as the New Jersey budget crisis that began July 1 continued.
By every traditional standard -- historical patterns, the president's low approval ratings, current polls -- the Democrats ought to feel optimistic about taking back both houses of Congress.
Republicans in Congress are crafting a solution under which the controversial deal allowing a state-owned Arab company to run some terminals at six U.S. ports could move forward.
New Jersey Gov.-elect Jon Corzine will name Rep. Robert Menendez, chairman of the Democratic Caucus, as his successor in the U.S. Senate, multiple New Jersey Democratic sources told CNN Wednesday.
Elections and political issue spots hit a record $515 million this year, according to a news report Friday.
You know the classic definition of inflation? "Too much money chasing too few goods." Well, off-year elections provide fertile ground for a different kind of inflation: too many political pundits chasing too few items of significance.
Secretary of Defense Donald Rumsfeld says he twice offered President Bush his resignation during the height of the Abu Ghraib prison abuse scandal, but the president refused to accept it.
The hard sell has begun, as President Bush takes to the road to champion the centerpiece of his State of the Union address.
Sen. Jon Corzine announced Thursday he wants to be governor of New Jersey.
WHEN JON CORZINE WAS FORCED OUT as co-CEO of Goldman Sachs in 1999 and breezed into his New Jersey Senate seat in 2000, most politicos saw the tall, bearded, former Illinois farmboy as a political ...
John Kerry isn't in such a hurry to move past swift boats after all.
Hurricane Charley has subsided and Bush vs. Kerry looks relatively calm today.
Goldman Sachs shares, already under pressure with the rest of the financial services sector, could face more difficulty soon as insiders get the ability to unload stock awards.
The White House says it hopes a new U.N. resolution for Iraq will encourage other nations to participate in aiding security and reconstruction. Meanwhile, the Bush administration's Iraq policy is facing tough questioning on Capitol Hill as the deadline for the transfer of power to Iraqis grows closer.
There's an elite Wall Street firm that has embedded itself in America's power structure, in both the Republican and Democratic parties, with representatives in key decision-making positions in the ...
Congress has spent a lot of time talking about changing the rules on 401(k) plans, but it hasn't done much this year to actually alter the laws that govern them. It was too busy passing a war resol...
Two developments on the 401(k) front had me pretty shaken up recently. First came news that thousands of workers at Enron--the now bankrupt Houston energy company--lost much of their 401(k) savings...
If there's a consensus about anything in Washington, it's that 401(k)s have to be better protected. But beneath the accord, there are deep divisions. Democrats are eager to impose new restrictions,...
Jon Corzine wants the federal government's economic stimulus package to include much greater spending on public transportation, emergency services and airline security. Here's what's in some of the...
It's been about two months since the terrorist attacks of Sept. 11. And while the White House and Congress have moved swiftly on legislation aimed at everything from rebuilding ground zero to getti...
It's not often that a multimillionaire, let alone someone worth $300 million, visits a soup kitchen. But that's exactly where Jon Corzine, one of Wall Street's wealthiest former chieftains, could b...
Okay, I know we're a month into the new year already, but I still haven't done my predictions for 1999. Hey--I got so caught up day-tradin' Net stocks that I haven't had a moment to come up for air...
On the afternoon of Monday, Oct. 19, most of Goldman Sachs' 189 partners are to gather at the firm's New York headquarters for a hallowed ritual--the biennial awarding of that ultimate badge of Wal...
Jon Corzine, the co-CEO of Goldman Sachs, is an island of calm on Wednesday evening, June 10. You'd never know that the professorial banker is attempting to cut the deal of his career and the most ...
The poor wretches. Those bankers, traders, and analysts on Wall Street who pocket seven-figure bonuses year after year, through good times and bad, are underpaid.
In 1993, Goldman Sachs made a stunning $2.3 billion in profits (before personal income taxes payable by each partner). The share going to even the most junior of partners is believed to have been a...
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