Jon Corzine Resigns as MF Global CEO
Updated from 7:38 a.m. EDT
MF Global filed for bankruptcy protection on Monday.
In a brief statement Friday, MF Global said: "The Board of Directors of MF Global Holdings Ltd. announced the resignation of Jon S. Corzine from all posts at MF Global. Mr. Corzine has confirmed that he will not seek severance payments in connection with his resignation."Edward L. Goldberg, the lead director of the Board of Directors, and Bradley I. Abelow, the Company's President and Chief Operating Officer, will continue in their current positions," the company said. In a statement, the former New Jersey senator and governor, and former Goldman Sachs CEO, said that his voluntary resignation was "best for the firm and its stakeholders," and that he would "continue to assist the Company and its Board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm's assets." Corzine's resignation followed numerous reports that he had lobbied against new regulations to limit the use of customer cash by brokerage firms trading futures. Reports said Corzine confirmed he won't seek severance payments. -- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts