My son remarked yesterday that the reason Corzine was able to take over MF and loot it to death was precisely because he knew, as a connected, big-time Democrat politician and donor, he could do so and get away with it completely. I hate to break this to you, but Corzine will not be held responsible. Unless they can pin something - anything - on some nondescript underling, nobody will be held responsible. That money is in the wind and I have no doubt Corzine stole it.
(shrug) Oh well..
Speaking of the acronym — MF... much as we like to make a joke out of it, MF actually stands of MANN FINANCIAL.
MF Global traces its roots to the sugar trading business started by James Mann in England in 1783, which evolved into broader commodities trading before its later transformation into a financial services business during the 1980s.
Its former parent, then known as ED&F Mann, diversified from pure cash commodities into commodity futures in the late 1970s, and established the Anderson Man futures brokerage in 1981. It later changed its name to ED&F Mann International and then Mann Financial, before adopting the current brand following the IPO and separation of the brokerage from the asset management operation.
Jon Corzine has the unenviable record of taking only 2 years to destroy a company that existed before our Constitution was formed.