The Hubris of Jon Corzine

MF Global's fall is a tale of arrogance in government and recklessness in business

Photo-Illustration by Ed Nacional for TIME

As MF Global takes its place among the top 10 U.S. bankruptcies of all time, there is some good news for Jon Corzine, the Wall Street investment firm's now departed CEO: arrogance and foolishness are not yet against the law. I say "not yet" because the rhetoric employed by many politicians in the wake of the financial crisis suggests they would prefer to make it so.

Those refrains have been noticeably absent during the past few weeks as MF imploded, filing for Chapter 11 on Halloween and tarnishing the reputation of Corzine, a former Democratic governor and U.S. Senator from New...

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