.. PwC contends its accounting advice was correct, and that MF Global’s own decisions and strategy, driven by Mr. Corzine, caused the brokerage’s bankruptcy.
Mr. Corzine said he and others at MF Global thought the sovereign-debt investments were “attractive” and highly rated by credit-ratings firms. “We would have had a hard time calling them risky securities,” he said.
.. When MF Global failed, the firm had a $1.6 billion shortfall in customer funds that was later recovered. Prosecutors investigated Mr. Corzine and other MF Global executives but ultimately didn’t bring any charges.