MF Global collapses

The bankruptcy of New York-based futures brokerage MF Global created an uproar with the shocking disclosure that as much as $1.2 billion in customer accounts was missing. MF Global, led by former New Jersey governor and Goldman Sachs chairman Jon Corzine, declared bankruptcy after making a disastrous bet on European sovereign debt. Chicago-based CME Group Inc., which guarantees the trading on its exchanges, has come under intense criticism, because it is supposed to protect investors.<br> <br> In this photo, former MF Global CEO Jon Corzine testifies during a hearing on Capitol Hill on Dec. 15, 2011.

( Alex Wong/Getty Images / July 19, 2012 )

The bankruptcy of New York-based futures brokerage MF Global created an uproar with the shocking disclosure that as much as $1.2 billion in customer accounts was missing. MF Global, led by former New Jersey governor and Goldman Sachs chairman Jon Corzine, declared bankruptcy after making a disastrous bet on European sovereign debt. Chicago-based CME Group Inc., which guarantees the trading on its exchanges, has come under intense criticism, because it is supposed to protect investors.

In this photo, former MF Global CEO Jon Corzine testifies during a hearing on Capitol Hill on Dec. 15, 2011.

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