How much responsibility should a chief executive bear when the company collapses? That question will be front and center in the civil case leveled by the Commodity Futures Trading Commission against Jon S. Corzine for his role in the misuse of customer money at MF Global as it fell apart in October 2011. The complaint, filed in Federal District Court in Manhattan, makes claims about Mr. Corzine’s management failures the heart of its case, pointing out the inadequacy of MF Global’s internal controls and how he violated its internal policies in trying to get the most out of customer money deposited with the firm. In the end, nearly $1 billion of client money was used improperly to plug gaps in the firm’s balance sheet as it tried to find enough assets to remain afloat. The C.F.T.C. paints a picture of a desperate chief executive willing to push to the edge of legality during MF Global’s final days. Mr. Corzine’s lawyer said that his client “did nothing wrong, and we look forward to vindicating him in court.” More in the New York Times here.
