If it can happens at head office...surely there is a HIGH RISK that it can also happen here.
SGX and/or MAS better start working on it.
winston wrote:What this episode confirmed to me:
This guy is supposed to be a Master of the Universe (ex CEO of GS ).
So how come this company went under ?
Same person, just different company.
That means too much weighting is given to so called "Leaders".
This also applies to countries whose leaders thinks that the country progressed only because of their so called leadership....
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MAS said that the provisional liquidation is intended to safeguard the interest of customers and achieve equitable treatment for all creditors after the brokerage filed for bankruptcy in the United States.
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MF Global books are like an onion. Each layer makes you cry.
Corzine was the firm’s golden boy. But just after those earnings were paid out as partner bonuses, the trading environment in 1994 turned decidedly sour. In that year, the firm started losing almost $150 million every month and Corzine refused to give up on his trades --another wrong-headed bet on interest rates. In the end, the firm barely broke even in 1994, and some 40 partners left the company as they watched their capital accounts dwindle. Somehow, Corzine wasn’t held accountable.
In September 1994, despite the huge trading losses for which his fixed-income group was responsible, Corzine’s partners selected him to be the firm’s new senior partner. In 1995, the year after the worst annual performance in Goldman Sachs’s history, he exhorted his partners to try to make $10 billion in pretax income during the next five years. After first snickering at this goal, his partners accomplished it -- and more -- making the firm’s May 1999 initial public offering both inevitable and a huge success. By then, though, Corzine’s unilateral efforts to merge Goldman Sachs with a variety of other Wall Street titans - - from Salomon Brothers to JPMorgan to Mellon Bank -- had so alienated his partners that they colluded to oust him. He said he never saw it coming.
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