MF Global failure shows little change on Wall Street
Risky purchases were hidden off balance sheets
After countless new rules designed to make Wall Street safer, it’s come to this: Another securities firm has collapsed from risky, poorly disclosed bets. Not enough, in other words, has changed since the U.S. financial system nearly toppled three years ago. The bankruptcy filing last week by MF Global Holdings Ltd. didn’t freeze lending and panic investors around the world, as Lehman Brothers’ did in 2008. But the rapid fall of the firm run by former New Jersey Gov. Jon Corzine shows risky behavior persists, despite a vast regulatory overhaul.
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