Congress Damns Corzine but Lets Him Off the Hook

Nov. 26 (Bloomberg) -- Perhaps we should no longer besurprised by the arrogance of Wall Street executives. Still, thelevel of hubris and bullying displayed by Jon Corzine during his19-month tenure as chairman and chief executive officer of MFGlobal Holdings Ltd. -- as described in a recent congressionalreport about the company’s 2011 collapse -- stands out for sheeroffensiveness.

The 97-page report prepared by the staff for Republicans onthe House Financial Services Committee panel on oversight andinvestigation pulls no punches when it comes to blaming Corzinefor the MF Global disaster, which wiped out thousands of jobsand billions of dollars of customers’ and creditors’ money. “JonCorzine caused MF Global’s bankruptcy and put customer funds atrisk,” the report concludes flatly.