MF Global came out losing this week after a New York Federal Judge ordered that they pay back $1 billion to their wronged customers atop the $100 million they will pay in a civil settlement with U.S. derivatives regularities. The judge who landed the punches was U.S. District Judge Victor Marrero, and it is good to see a heavy hitter in this case, which is the largest economic meltdown after the 2008 collapse of Lehman Bros., which in part triggered these $6 billion bets placed on European government debt.
The case was pursued by the Commodity Futures Trading Commission (CFTC), which vowed that they would continue to do as they have, when they “worked tirelessly to ensure that 100% restitution be awarded to satisfy customer losses.”
MF Global costumers former CEO Jon Corzine, meanwhile, was eager for Marrero to reject any legal bid by shareholders against the former CEO, as USA Today Reported, to which the judge sarcastically agreed that “ ’stuff happens’ instantaneously, of its own accord, without any knowledge or causal agency whatsoever by anyone of the many sophisticated business executives in charge of the company’s day to day affairs.”
Indeed, he was out to place blame, and would not see the shame ducking and skulking ways of the former CEO succeed.