Morning Call: Risky Corzine Fingered for MF Global Collapse

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A willingness to roll the dice and venture where others don’t is often what makes the very ambitious successful. But overplaying your hand can just as well bring your career down in flames.

This comes to mind, not only when considering the downfall of two top generals, but in the report on Jon Corzine, the former chief executive of now bankrupt MF Global, whose infatuation with risk helped lead to the firm’s industry-altering collapse, according to a Congressional panel.

Corzine, says the report, was negligent of clear signs of MF Global’s weak liquidity position, and guilty of scrapping a necessary overhaul of the firm’s risk controls, according to the New York Times. Perhaps even more disturbing, Corzine pushed aside subordinates who challenged his $6.3 billion bet on European debt, one that precipitated the downfall of the firm and the eventual pilfering of investor funds, according to the report.

But hey, at least he went down spinning the roulette wheel, rather than gallivanting with a married biographer.

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List of the Day: Staying Sane

It’s all-to-easy to get down on yourself when unemployed. Here’s how to keep the light burning.

1. Stay in contact with your network.

2. Keep a healthy hobby.

3. Volunteer.

(Source: The Daily Muse)

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