The New York Post reports that two directors of the National Futures Association will move Wednesday to ban Corzine from the multibillion-dollar futures trading industry in light of the scandalous collapse of MF Global — the commodity futures brokerage firm Corzine once headed.
If the motion is approved, NFA would hold hearings to determine whether Corzine, MF’s former CEO, deserves a 'lifetime ban' from the industry.
Such a ban could hinder his reported plans to launch a hedge fund.
In the meantime, Reuters reports that a bankruptcy judge on Tuesday approved the outline of a plan by liquidators and creditors of failed brokerage MF Global to repay the company's creditors, a key step toward ending its $40bn Chapter 11 bankruptcy.
At a hearing in U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn green-lighted the outline, which was amended to address minor concerns Glenn had raised in refusing to approve an earlier version of the outline last week.