MF Global bankrupt
The markets were shocked this week by the announced bankruptcy of a major commodities trading firm, MF Global. Under the leadership of former New Jersey Gov. John Corzine, MF Global purportedly made highly leveraged bets on the debt of European nations, which caused staggering losses.
The firm is currently under investigation by a slew of regulators and has been prevented from initiating new trades, leaving thousands of clients stranded.