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Friday's Headlines: MF Global CEO Corzine resigns, hires criminal lawyer

MF Global Holdings Chairman and CEO Jon Corzine has resigned, less than a week after the firm declared bankruptcy.

"The resignation capped a disastrous week for Mr. Corzine, as he saw MF Global lose two-thirds of its market value, file for bankruptcy and face a handful of federal investigations into more than $600 million in missing customer money," DealBook writes. "The decision also signaled a rapid downfall of what was supposed to be Mr. Corzine's grand return to Wall Street-a comeback that began in early 2010, after a roughly 10-year sabbatical that he spent in politics."

Corzine ran Goldman Sachs from 1994 to 1999, and then became a U.S. senator from New Jersey and later the state's governor, Reuters notes.

Corzine reportedly will not seek his $12 million severance payment and has hired a criminal lawyer, according to various media reports.

Other News:

Morgan Keegan bidders cut price on deteriorating markets, MF Global bankruptcy. [Businessweek]

MF Global units in Asia and Australia receive almost 40 bids, sale seen this week. [Reuters]

Occupy Wall Street protests inspire angry customers to take business to smaller banks. [DealBook]

Hedge funds hit by investor redemptions due to market turmoil. [Financial Times]

New trading platforms seek to prioritize better prices over faster trades. [Wall Street Journal]

Jefferies says its exposure to European debt is insignificant, positioned to profit from further woes. [Reuters]

Barclays CEO Diamond says banks should learn from past and "become better citizens." [Financial Times]

Berkshire Hathaway may see first book-value loss in five quarters on Wells Fargo, American Express bets. [Bloomberg]

Bank of America plans to issue $3 billion in new stock to reduce debt. [DealBook]

South Korea's Mirae Asset may buy Indonesian money manager. [Bloomberg]

China's Mandarin Capital Partners wants to grow U.S. investments next year. [Reuters]

Kohlberg Kravis Roberts plans to raise $5-6 billion for new fund. [Bloomberg]

AUTHORDalia Fahmy Insider Comment

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