Janet Tavakoli has analyzed the MF Global debacle and has found numerous actions that finally led to its bankruptcy. Four of the main players in the downfall of MF Global are Goldman Sachs guys--Jon Corzine, Gary Gensler, William Dudley, and JC Flowers.
Tavakoli found possible cover-ups, misuse of customers' funds, messed up accounting books, a lot of huge risky investments, missing money, use of credit derivatives, disguising the nature of transactions, regulators not doing their jobs including the CFTC and FINRA, thin capitalization, bouncing checks, and, finally, the miracle of MF Global becoming a primary dealer.
(Thank you to the reader that gave us the link.)
You can read her seven-page report here
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