Jon Corzine’s Firm Nears Collapse

Remember Jon Corzine, the former Goldman chief who was governor of New Jersey until Chris Christie ousted him from Trenton? Apparently, his financial touch isn’t as golden as it once was: The company he sought to turn into a “mini Goldman” after he left politics, MF Global, is on the brink of collapse. After four consecutive years of losses, Corzine sought to turn MF Global around by boosting the firm’s risk. Those trades, many of which were in European debt, now threaten to make MF Global the most prominent U.S. company to fail because of the euro-zone crisis. The firm is now looking for buyers, and Corzine could be out—damaging both his financial and political reputations.