Mon October 31, 2011
MF Global Files For Bankruptcy
Originally published on Mon October 31, 2011 5:44 pm
RENEE MONTAGNE, HOST:
NPR's business news starts with bad bets and a big bankruptcy.
(SOUNDBITE OF MUSIC)
MONTAGNE: It's the first American company to fall victim to the European debt crisis. An investment company called MF Global Holdings filed for Chapter 11 bankruptcy protection today. The brokerage dealer collapsed because of bad bets made on European government debt. The firm is also notable because of its CEO: Jon Corzine, the former co-chairman of investment bank Goldman Sachs, and former governor of New Jersey. Last week, the company reported a quarterly loss of nearly $200 million. Its stock plummeted, and the company tried to sell itself. But early this morning, that effort failed. Transcript provided by NPR, Copyright National Public Radio.