Euro Crisis Fells First US Victim: MF Global

Financial firm files for bankruptcy
By Matt Cantor,  Newser User
Posted Oct 31, 2011 12:28 PM CDT
Former New Jersey Gov. Jon S. Corzine, head of MF Global.   (AP Photo/Rich Schultz)

(Newser) – Europe’s debt crisis has reached American shores: MF Global, a financial firm headed by former New Jersey governor Jon Corzine, filed for bankruptcy this morning. The company had bet $6.3 billion on European sovereign debt, driving away investors and causing its stock to fall 67% last week. Though MF Global sought a buyer, that effort seems to have been unsuccessful. The small firm’s collapse comes as a surprise, the Los Angeles Times notes, given Corzine’s former post as head of Goldman Sachs.

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