MF Global's former CEO Jon Corzine's $6.2 billion bet on European sovereign debt could easily go down as the worst bet of all time. Not only did it precipitate the rapid bankruptcy of MF Global as investors feared the firm's exposure to Europe and rapidly pulled out money. But MF also lost $1.2 billion of its clients' money as a result.
Adding insult to injury, Corzine said he had few memories about what happened in the firm's final days or how the company lost clients' funds when he testified before Congress and the Senate in mid-December.
Corzine and MF Global's loss could be George Soros' gain though. Soros reportedly purchased $2 billion of MF Global's bonds after it declared bankruptcy for a low price tag. As of mid-December, Soros reportedly was up about $130 million on the same bet.
