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MF Global Investigator Has Long Ties With Corzine
November 4, 2011
The lead regulator investigating MF Global collapse worked alongside Jon Corzine for 18 years at Goldman Sachs. Oddly enough, the two later collaborated to pass a law intended to prevent accounting scandals.
CFTC Chairman Gary Gensler rose to become Goldman's co-head of finance before leaving in 1997. Corzine left Goldman in 1999, after serving as chairman and CEO from 1994 on.
The two later collaborated on Capital Hill when Corzine was a senator (D-NJ) and Gensler was a key staffer for Sen. Paul Sarbanes (D-MD). Gensler advised Sarbanes on the accounting law that now bears his name.
Based on these ties, several experts in corporate governance said Gensler should recuse himself from the investigation to avoid the appearance of a conflict.
MF Global has admitted that it had diverted client money as its financial woes intensified. Gensler said Thursday that keeping clients' money separate from company assets is the "core foundation" of consumer protection for investors. [AP, 11/3/11] Related Stories: Archive
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