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Is Corzine Guilty of Raiding MF Global’s Client Accounts?

When it comes to the law, intentions are often relevant. But that might not be enough to save Jon Corzine, the former politician and more recently former head of failed commodities and futures brokerage firm MF Global. On Thursday, Corzine, 64, was back in Washington, this time on the other end of the grilling that as a Senator he used to expertly dole out to executives and regulators. At issue was the $1.2 billion in client funds that have been missing at least since late October, shortly before MF Global crashed into bankruptcy. Perhaps the most telling moment of his testimony was when Corzine was asked whether he authorized the use of client funds to finance the firm’s own bets on European bonds. Corzine’s reply: “I never intended to break any rules.” He probably didn’t intend to sound guilty either, but he did. Read more in Time Magazine here.

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