Jon Corzine blamed by MF Global Trustee but has enough political backers to get away
Special Correspondent
Jun. 4, 2012

James Giddens, Trustee of MF Global b bankrupt broker dealer has expressed his opinion on Jon Corzine and his acts at MF Global. He will decide within 60 days whether to sue Mr Corzine, the former New Jersey governor and US senator for breach of fiduciary duty and negligence.

Corzine and his MF Global team has created huge pain for small traders and individual brokers in the commodity markets. The trust in the US commodity market has been shaken up. What Corzine and his team did was not right. They continue to get away with their wrong doings because of their political connections at Washington.

According to Corzine representatives, they simply do not agree with the trustee’s suggestion that Mr Corzine was negligent or there is any other basis to sue him. The fact is Corzine and his MF Global management mingled clients and brokers funds to try making huge profit from very high risk investments that failed miserably. If this was a person not politically connected as Corzine is, that person will be in deep trouble by this time.

The effect of Jon Corzine's adventure is irreversible. Small brokers, traders have lost their livelihood. Small commodity traders are afraid to trade in commodity markets thinking that if nothing happens to Corzine after all this, the authorities will allow anything and everything as long someone has enough political strength and connections behind him or her.

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