November 4, 2011
A sign for MF Global is displayed at an office building, Nov. 2, 2011 in New York. MF Global, the securities firm led by Jon Corzine, admitted using clients' money as its financial troubles mounted, a federal official says.
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After countless new rules designed to make Wall Street safer, it’s come to this: Another securities firm has collapsed from risky, poorly disclosed bets. Not enough, in other words, has changed since the U.S. financial system nearly toppled three years ago.
Gary Gensler, the regulator overseeing the investigation of Jon Corzine’s collapsed securities firm, built close ties to Corzine as they rose through the ranks of Goldman Sachs. Later, they collaborated on Capitol Hill to pass an anti-corporate fraud law.