Fraudstorytelling | Weekly filmtips | June 30, 2022
Title: SIX BILLION DOLLAR BET
Link: Six Billion Dollar Bet – Fraudstorytelling
Tagging: #Sanctionsregulation, #Financialfraud, #Financialmarkets, #Authorities
This is the story of John Corzine, the collapse of his company, and why no one stopped him. At the age of 47, he was the youngest CEO of a company he then worked for. He was later fired because of his disagreements with one of the partners there. He was left with only two options in his mind after that: to become the President of the United States or launch his own hedge fund and amass a fortune. He wasn’t hindered in any way, and he started working with Barack Obama as a trusted advisor in 2008. But after his political career came to an end in 2010, he returned to Wall Street and began working for MF Global. The company was in ruins and missing more than a billion dollars in client money after a huge bet on European debt went bad. In this video, Frontline looks into how Corzine’s traders dodged MF Global’s risk officers and how he persuaded Washington regulators to support risky business practices.
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