Big Boss Man

The boss is always right, because he’s the boss.
So goes the epitaph for MF Global MFGLQ 0.00% . A report released by Republican members of the House financial services committee last week concluded that the investment firm’s former chief executive, Jon Corzine, created an “authoritarian atmosphere” where “no one could challenge his decisions.” He threw MF Global’s capital at Europe’s debt crisis, and within 19 months he turned a $40 billion company into a puff of smoke. “Profitability and responsibility must go hand in hand with growing our franchise,” Mr. Corzine said in a news release when he was hired in March 2010. He promised “new levels of growth, profitability and reputation.” He delivered something on par with Enron. More in the Wall Street Journal here.