Jon Corzine is resigning as the chairman and CEO of MF Global, just days after the firm filed for bankruptcy on Monday.
The former New Jersey governor and senator has declined a severance package worth $12.1 million, the Associated Press reports.
It was reported earlier this week that MF Global was being investigated by federal regulators after hundreds of millions of dollars in customer money was found to be missing. According to a federal official, an executive at MF Global had admitted that the company had used clients’ cash as the firm struggling with bad debt on European sovereign debt.
The brokerage firm’s board of directors said it authorized the filing of Chapter 11 in order to protect the assets of MF Global Holdings and its subsidiary, MF Global Finance USA.
Corzine lost in the midterm election to Chris Christie, even with President Barack Obama’s efforts to rally support for the former senator.
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