Declining interest revenues drove MF Global's strategy, 'sad' Corzine says
Dec 09, 2011 | 08:27 AM
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Low interest rates and pressure on commission from online brokerages and high-frequency traders put pressure on MF Global's revenues and drove former ceo Jon Corzine's strategy to turn the brokerage into a broker-dealer, according to testimony he prepared for the US house of representatives.
Corzine, who expressed his “great sadness” at the fate of the company, apologised to all those affected in his testimony before the US house of representatives committee on agriculture.
He sought to explain the logic behind the decision to turn....
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