NEW YORK ( TheStreet) -- Jon Corzine, the former chief executive of MF Global could face legal liabilities if investigators are able to prove that he knew customer money might be used when he ordered a $200 million transfer to a British account as the brokerage tinkered on the brink of collapse.
Corzine ordered the money be moved to meet an overdraft from JPMorgan Chase (JPM) in the days leading up to MF Global's bankruptcy. The account may have contained assets belonging not just to MF Global, but to customers as well. Corzine told Congress last year he never ordered customer funds to be used improperly. If it turns out customer funds were used in the transfer, Corzine could be liable for misuse of the funds.
MF Global collapsed on Oct. 31, 2011. The company filed for Chapter 11 bankruptcy protection in New York after a $6.3 billion bet on European bonds raised regulator concerns and prompted a credit-rating downgrade. Corzine quit the firm on Nov. 4.
Yahoo! (YHOO) is trending as the company has appointed three members to its board in preparation for a proxy fight with Third Point LLC, one of its biggest shareholders. Third Point launched a bid last week to gain four seats on Yahoo!'s board. Yahoo! has nominated John Hayes, chief marketing officer of American Express (AXP), Peter Liguori, former chief operating officer of Discovery Communications and Thomas McInerney, outgoing chief financial officer of IAC/InterActiveCorp. Third Point, which owns a 5.8% stake in Yahoo!, last week suggested four new directors be appointed to the board, only one of which was accepted by Yahoo!. Yahoo!'s board agreed to appoint turnaround specialist Harry Wilson. Third Point issued a statement on Sunday, indicating its disappointment with Yahoo!'s decision and its intentions to move forward with a proxy contest. Last month, Third Point announced that it would revolt unless the company accepted its nominees as directors.
President Obama is a popular topic as he considers a $4.9 billion high-speed bullet train to connect California and Las Vegas.
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