Who else botched up MF Global?

In the wake of the MF Global scandal there are many questions being asked about the participants. CEO of the failed investment bank, Jon Corzine, is being attacked about his knowledge of some $1 billion dollars in customer funds that were improperly moved from segregated accounts in the company’s final days. In addition to the questions being asked of Corzine, many investors and analysts are questioning those who allowed MF Global to operate in such a manner. This article tells the story of Terrence Duffy, the chairman of CME Group Inc, the huge Chicago exchange where MF Global did most of its trading. Duffy is facing some tough questions in the wake of the scandal and has set out on his own public relations campaign taking shots at Corzine in order to make it clear that he, nor CME is at fault.
How much blame do you think the exchange where a company trades should face in the wake of corporate scandals?

About Mark P. Holtzman

Chair of Accounting Department at Seton Hall University. PhD from The University of Texas at Austin. Worked at Deloitte's New York Office. BSBA from Hofstra University.

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