Our Community. Our Nation. Our World.
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

MF Global Files For Bankruptcy

RENEE MONTAGNE, HOST:

NPR's business news starts with bad bets and a big bankruptcy.

(SOUNDBITE OF MUSIC)

MONTAGNE: It's the first American company to fall victim to the European debt crisis. An investment company called MF Global Holdings filed for Chapter 11 bankruptcy protection today. The brokerage dealer collapsed because of bad bets made on European government debt. The firm is also notable because of its CEO: Jon Corzine, the former co-chairman of investment bank Goldman Sachs, and former governor of New Jersey. Last week, the company reported a quarterly loss of nearly $200 million. Its stock plummeted, and the company tried to sell itself. But early this morning, that effort failed. Transcript provided by NPR, Copyright NPR.