MF Global Files For Bankruptcy

The securities firm run by Jon Corzine, who was formerly the governor of New Jersey and head of Goldman Sachs, is the first American company to fall victim to the European debt crisis.

Copyright © 2011 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.


NPR's business news starts with bad bets and a big bankruptcy.


MONTAGNE: It's the first American company to fall victim to the European debt crisis. An investment company called MF Global Holdings filed for Chapter 11 bankruptcy protection today. The brokerage dealer collapsed because of bad bets made on European government debt. The firm is also notable because of its CEO: Jon Corzine, the former co-chairman of investment bank Goldman Sachs, and former governor of New Jersey. Last week, the company reported a quarterly loss of nearly $200 million. Its stock plummeted, and the company tried to sell itself. But early this morning, that effort failed.

Copyright © 2011 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.



Please keep your community civil. All comments must follow the Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.