Wall Street’s Core Culture Means We’ll See More Collapses Like MF Global

I’d like to share with you a key pair of sentences from the congressional report on MF Global’s collapse, summing up a long investigation led by Louis Freeh:

Corzine, an active trader at the firm, was supposed to be supervised by the company’s chief compliance officer. But the oversight mechanism was put in place to make sure he wasn’t engaged in insider trading or market manipulation — the officer had no control over the ‘economic rationale’ of the trading decisions, the report said.

Read more: http://tinyurl.com/br7umf7