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Corzine turned deaf ear to risk warnings

By Laurie Bennett

December 6, 2011 at 8:45am

In the hardly surprising but still disturbing department: The Wall Street Journal reports that Jon Corzine and MF Global’s board of directors repeatedly ignored warnings that the company was taking on too much risk.

The alarm was sounded by the company’s chief risk officer, Michael Roseman, who resigned in March.

Corzine bet $6.3 billion on European bonds, plunging the securities firm into bankruptcy. He and the entire board have since resigned.

Corzine, former head of Goldman Sachs and a former U.S. joined MF Global after losing a re-election bid for New Jersey governor. He started ramping up the risk soon after becoming CEO in March 2010.

The Journal writes that Corzine rejected Roseman’s concerns as “too extreme and likely impossible.”

Corzine also warned board members that he might leave the company if they didn’t support his strategy.

He has been subpoenaed to appear before the House Agriculture Committee on Thursday.

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