**Written by Doug PowersRemember last year when Jon Corzine was being mentioned as a possible replacement for Tim Geithner as Treasury Secretary.
What a ridiculous notion Corzines proven himself much more qualified to be Energy Secretary.
A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives.
After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.
Mr Corzine has not yet received assurances that he is free from scrutiny, but two rounds of interviews with former employees and a review of thousands of documents have left prosecutors without a case against him, say the people involved in the investigation who spoke on the condition of anonymity.
Among other things, he is suing in British courts to gain control of $700 million that he says is owed to customers but is currently being held by the administrator overseeing the bankruptcy of the MF Global’s U.
But a lack of charges in the largest Wall Street blowup since 2008 is likely to fuel frustration with the government’s struggle to charge financial executives.
A bankruptcy trustee on Wednesday joined customers’ lawsuits against Mr Corzine, and regulators are still considering civil enforcement actions, which could cost him millions of dollars or ban him from working on Wall Street.
The fact that the White House actively sought Corzines expertise helps explain a lot about the current state of the economy:Not many months after Corzines appearance with the Stimulus Sheriff, we heard we dont know what happened to the money.
Update: Also according to the NY Times, Corzine is considering starting a hedge fund.
Saroo Buffett is a business journalist based in Mumbai, India. Saroo has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Saroo spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.
