The 12 Most Spectacular Financial Services Failures of All Time
On Oct. 31, 2011, MF Global collapsed into bankruptcy, on the shoulders of a huge $6.3 billion bet by Jon Corzine on European sovereign bonds. Corzine had only begun his tenure at the firm in March 2010. At that time, Moody's Investors Service, Standard & Poor's and Fitch Ratings told him he needed to fire up profits fast or face downgrades on the securities firm's debt. To date, an estimated $1.2 billion in customer funds are still missing, according to the bankruptcy trustee of MF Global's brokerage unit.
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