The European sovereign debt crisis has already extended beyond the Old Continent and claimed victims in the U.S. MF Global, headed former Goldman Sachs chief Jon Corzine, fell because of its exposure to peripheral debt, while Jefferies came after pressure for its exposure (which it cut in half over the weekend).
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The report says MF Global, run by former Goldman CEO Jon Corzine, gave its UK staff quarterly bonuses.
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Corzine is the former CEO of MF Global.
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Smith said one weight for gold in dollar terms could be the ripple effects of the bankruptcy of MF Global and the difficulties former clients of that firm have had in accessing all of their funds.
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The former CEO of MF Global Holdings may have known of a loan to one of the firm's European affiliates using segregated customer accounts, CME Group's head told a U.S. Senate panel, contradicting Jon Corzine's own testimony.
Giddens last year joined a lawsuit against Corzine and other former executives brought by MF Global customers.
Shareholders of MF Global have sued Corzine and other former top executives.
"I thought the firm had a very good shot under Corzine, but clearly he went overboard, " said Mike Fitzpatrick, a 59-year-old former crude-oil trader at MF Global who left shortly after Mr. Corzine's arrival because he didn't want to take more risks.
Corzine, who stepped down as MF Global CEO soon after the collapse, is the former co-chairman of Goldman Sachs, a former Democratic U.S. senator and the former governor of New Jersey.
Some MF Global executives felt even before Mr. Corzine, a former bond trader, took over as CEO that Mr. Roseman was too risk-averse, according to people familiar with the matter.
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Corzine, a former Democratic U.S. senator and governor of New Jersey, stepped down as MF Global CEO in November 2011.
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