MF Global CEO Jon Corzine resigns under fire

Reuters - MF Global Holdings Ltd Chief Executive Jon Corzine resigned, four days after the futures brokerage filed for bankruptcy protection.

Reuters - Jon Corzine, one of Wall Street's best-known stars, stepped down as MF Global Holdings Ltd's chairman and chief executive after his bets on European debt drove the futures brokerage into bankruptcy.

(Reuters) - Jon Corzine, one of Wall Street's best-known stars, stepped down as MF Global Holdings Ltd's chairman and chief executive after his bets on European debt drove the futures brokerage into bankruptcy.

MF Global Holdings Ltd. (MF) Q3 2011 Earnings Call February 3, 2011 8:00 AM ET Executives Jeremy Skule – Chief Communications Officer Jon Corzine – Chairman and CEO Randy MacDonald – CFO Analysts Rich Repetto – Sandler O'Neill Michael Carrier – Deutsche Bank Howard Chen – Credit Suisse Ken Worthington – JP Morgan Roger Freeman – Barclays Capital

The decision by the former New Jersey governor, coming five days after the trading firm declared bankruptcy, will make it difficult for him to return to a job in finance or politics.Jon Corzine resigned from his position atop MF Global just five days after the trading firm declared bankruptcy.

JPMorgan says it received "multiple clear oral assurances from senior MF Global officials" that a $175 million transfer from the firm to cover an overdraft did not include customer money. The claim comes in testimony prepared for a Congressional hearing Wednesday on MF Global's collapse by Diane Genova, JPMorgan's deputy general counsel. It has since emerged that the $175 million did in fact draw on customer funds, in violation of industry rules and contributing to a shortfall of some $1.6 billion.