Corzine Copying Goldman at MF Sends Stock Down as Bet Fails

Jon Corzine, who won the top job at Goldman Sachs Group Inc. by leading the firm’s fixed-income unit, now says he’s responsible for trading decisions that have almost wiped out the stock-market value of his futures brokerage.

Since Corzine became chairman and chief executive officer of New York-based MF Global Holdings Ltd. in March 2010, he’s increased the firm’s risk and used its own money to trade, including investments in European sovereign debt that have tumbled in value. This week, the firm reported its biggest quarterly loss ever, Moody’s Investors Service cut its rating to one level above junk, shares plummeted 61 percent and 6.25 percent bonds issued in August fell into distressed levels.