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MF Global Files For Bankruptcy

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MF Global Files For Bankruptcy

Business

MF Global Files For Bankruptcy

MF Global Files For Bankruptcy

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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.

RENEE MONTAGNE, HOST:

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

(SOUNDBITE OF MUSIC)

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.

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