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Business Events Bankruptcy

  • The last four months of the year have seen a big jump in U.S. companies declaring bankruptcy.  In fact, four of the 10 largest bankruptcies of 2011, which span across industries including aviation, telecommunications, energy, and banking, were declared just last month.According to ratings agencies Moody's and Standard & Poor's, the rising trend of corporate defaults is expected to continue into 2012, given global growth uncertainties, the debt crisis in Europe, and tightening funding conditions.

    The last four months of the year have seen a big jump in U.S. companies filing for  bankruptcy protection. We’ve ranked the top 10 bankruptcy filings of 2011, using data from banktruptcydata.com.

  • It is the governance of public pension plans that needs to be restructured to assure that pension funds are being appropriately invested and protected.

  • Jon S. Corzine, former chairman and chief executive officer of MF Global Holdings Ltd., testifies during a House Financial Services Committee.

    MF Global's former chief Jon Corzine denied allegations before senators on Capitol Hill, after a CME group executive said Corzine might have known about a $175 million loan of customer funds to a European affiliate.

  • MF Global Hearing 12.13.2011

    Jon Corzine is once again distancing himself from an estimated $1.2 billion in customer money that vanished when MF Global collapsed this fall. This time, Corzine has company.

  • Supreme Court to Hear Immigration Case

    Scott Budman, KNTV reports the Supreme Court will hear Arizona's controversial immigration case, with NBC's Pete Williams. Also, Canada is pulling out of the Kyoto Protocol; MF Global's former CEO, Jon Corzine, will testify at a Senate subcommittee on Tuesday; and New Jersey Nets owner and Russian billionaire, Mikhail Prokhorov intends to run against Vladmir Putin for president of Russia.

  • George Soros

    About $2 billion worth of European bonds owned by MF Global were bought by billionaire investor George Soros's family fund, the Wall Street Journal wrote on Friday, quoting people close to the matter.

  • Jon Corzine MF Global testimony

    MF Global's former chief Jon Corzine told Congress Thursday that he doesn't know where the failed brokerage firm's missing client money is and that he inherited a firm doomed by the risks his predecessors took.

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    The first priority of the Commodities Futures Trading Commission is to get the money people entrusted to now-bankrupt MF Global, Commissioner Jill Sommers told CNBC Thursday.

  • CTFC Commissioner on MF Global

    Sharing her expectations from the hearing and the investigation on MF Global's bankruptcy, with Jill Sommers, CFTC commissioner.

  • In March 2010, Jon Corzine had been out of his job as New Jersey governor for two months. At the same time, the derivatives brokerage firm MF Global was looking for a candidate with both executive and financial sector experience to become its chief executive. Corzine, who was also the former CEO of Goldman Sachs, seemed like the perfect fit. Apparently, it wasn’t. On Oct. 31, 2011, the company filed for bankruptcy protection, and Corzine resigned.The MF Global CEO left his post on Nov. 4, 2011,

    A global corporation is no less likely to make questionable executive hiring decisions as the average small business, and CEOs of major corporations have the short tenures on their resumes to prove it.

  • The “Fast Money” traders debate with David Hilder, a highly regarded analyst on Wall Street.

  • MF Global

    New York City Comptroller John Liu has hired the former chief executive of MF Global Holdings to help manage the city's pension investments.

  • American Airlines

    AMR's Chapter 11 bankruptcy protection filing shows airline industry deregulation was a mistake, said former chief executive Robert Crandall.

  • Harrisburg, PA

    Federal bankruptcy Judge Mary D. France has ruled that Pennsylvania's capital city of Harrisburg may not seek bankruptcy protection, calling such a filing illegal.

  • CNBC Business News Headlines

    WNBC's Jonathan Dienst has the latest details on the deadly protests in Egypt, with NBC's Richard Engel; Chevron says it has plugged a leak from a broken well; the AT&T/ T-Mobile merger is headed to an administrative judge for review; and the trustee for MF Global recovered $1.3 billion from Harris Bank, but another $1.2 billion may still be missing.

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    The U.S. needs a massive restructuring, but thus far the restructuring process has failed. It’s time for our political leaders to stop playing games and focus on the task at hand – restructuring the U.S.

  • MF Global

    MF Global improperly diverted customers’ cash for its own use in the days before its bankruptcy, an act that regulators believe may help explain why $600 million of customer funds remains missing, people briefed on the investigation say. The New York Times reports.

  • Moody's: Penn State 'Under Review'

    WNBC's Jonathan Dienst reports Moody's rating agency has downgraded Penn State's bond rating; all of MF Global's employees are now out of a job; and a near riot broke out in Hong Kong when the Apple iPhone 4S went on sale there on Friday.

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    All of the employees at MF Global's broker-dealer were just fired.

  • Gary Gensler

    Gary Gensler’s recusal from the MF Global investigation puts the Commodity Futures Trading Commission at a  potential disadvantage, The New York Times Reports.