Jon Corzine has resigned from his posts as Chairman and CEO of MF Global opting not to finish what he supposedly started - i.e., the dismantling of a bankrupt firm.  Cynical?  Perhaps, though to his credit - a welcomed gesture - Mr. Corzine opted not to collect the $12 million in severance payments to which he was entitled - thus preserving what few unattached assets remain for creditors.   He offered these closing words - though it's not the last we'll see of, or hear from, Jon Corzine:

“I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others.  I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.”

Mr. Corzine’s resignation marks the end of a troubled chapter in his career.  The former head of Goldman Sachs, Mr. Corzine joined MF Global in March 2010 following a failed re-election bid for New Jersey governor. Formed Firm Soon After Joining.   Right after Mr. Corzine came on board, he began transforming the firm from a sleepy brokerage into full-service investment bank in the mold of his former employer, Goldman Sachs.

[C-I Note: With all due respect, it's quite possible that Mr. Corzine was brought on by the directors and large stake holders of MF Global to do just was he did - try to build a mini-Goldman.  If that was the case, then, he rightly should be judged less critically, and appreciated for "following the gameplan."  However, if hubris was the driving motivation,, well then, he deserved what he apparently will get, and perhaps more.]

Under Corzine's direction MF Global aggressively bought up European sovereign debt, wagering that the Continent would not let troubled countries default on their loans.  As the sovereign debt crisis dragged on into the fall of 2011, regulators noticed the firm's positions -  its risky bets - and pushed the firm to hold more capital against the investments. The sent a warning to shareholders, clients, rating agencies, and the general market, which led to a crisis of confidence.  The stock ultimately went into freefall, which prompted the firm to search desperately for a suitor to buy at least a part of its business.  Too little too late, although, ... MF Global had a hand-shake deal late Sunday, but overnight due diligence revealed messy accounting and a gap of hundreds of millions of dollars missing from customer accounts.  Without any satisfactory answers, the suitor walked away from the table, leaving bankruptcy as the firm's only option. Mr. Corzine recently hired Andrew Levander, a prominent criminal defense lawyer, although he has not been formally accused of wrongdoing.  This action was also taken by Goldman Sachs CEO LLoyd Blankfein and other Goldman executives during the summer in anticipation of litigation, including class actions.   [Dealbook 11/4/11]