Amy Goodman
@DemocracyNow·3.2M subscribers·19.4K videos
Jon Corzine's MF Global Firm Collapses in Biggest Wall Street Failure Since Lehman Brothers
Posted
November 3, 2011
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13:40Now Playingwww.democracynow.org - In a major banking scandal here in the United States, the commodities and derivatives brokerage house MF Global filed one of the largest bankruptcies in American corporate history — with almost $40 billion in liabilities. It was the largest failure on Wall Street since the collapse of Lehman Brothers in 2008. The chairman and chief executive officer of MF Global is Jon Corzine, a former New Jersey governor and U.S. senator. Corzine is also the former CEO of Goldman Sachs. The firm is the biggest U.S. casualty so far of the European debt crisis. "We've just continued to have one financial crisis after another. It's because of the incentive system on Wall Street that badly needs to change, and has not changed one iota," says William Cohan, author of "Money and Power: How Goldman Sachs Came to Rule the World," on Democracy Now! Nov. 3. "As we just saw with this bankruptcy of MF Global, there's nothing in the Dodd-Frank law, nothing in the regulations that are being written, that is going to change the incentives."
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