Former New Jersey Gov. Jon Corzine said Thursday it wasn’t his big gamble in Euro bonds that sunk MF Global in October 2011, but a lack of market confidence spurred on by unjustified credit downgrades.
Testifying for the MF Global plan administrator in its $3 billion accounting malpractice trial against PricewaterhouseCoopers, the veteran trader, politician and MF Global CEO said he followed the advice of PwC to use off-balance-sheet accounting for the $6.3 billion net short and long positions in the bonds of five European countries.
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