This documentary from PBS Frontline, "Six Billion Dollar Bet" provides a fascinating insight into the rise and fall of MF Global under Jon Corzine's reign. It covers Jon Corzine's rise at Goldman Sachs, and subsequent entry into politics. What is really interesting is the "why" - why he decided to go and run the relatively small MF Global, and how he wanted to implement on his grand ambitions to prove to Wall Street that they made a mistake when they ousted him from Goldman Sachs. The case of MF Global is very interesting, it is an egregious example of the excesses and poorly regulated (or poorly enforced regulations) of the Wall Street party. What is also interesting is the parallels between MF Global and Enron [see: "Enron: The Smartest Guys in the Room"], it is likely that this kind of thing will happen in the future at another financial institution, so it is good to be wary of what can happen and the warning signs.
This is a story about a bet that went bad. Like all stories about Wall Street, it starts with the pursuit of profits and the risks of getting it wrong. It’s one of the latest in a stream of missteps, meltdowns and scandals that blow up, it seems, every few months.
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