MF Global, the investment firm whose stunning collapse under the leadership of former NJ governor Jon Corzine is being investigated by the feds, illegally diverted about $1 billion of client funds, which are still missing. Now it looks like the company transferred $200 million of client money just three days before filing for bankruptcy! more ›

Former NJ governor Jon Corzine spoke to Congress today, to clarify the remarks he made last week about the collapse of brokerage MF Global. The firm, which he headed until it filed for bankruptcy, happens to be missing $1.2 billion in client money, and senators wanted to know who authorized the transfer. And, for what it's worth, Corzine said it wasn't him! more ›

If you want to be further outraged by the antics of former NJ governor Jon Corzine, whose leadership of brokerage MF Global essentially resulted in its collapse (and there's still a billion dollars in client funds missing!), read this NY Times feature, titled, "A Romance With Risk That Brought On a Panic." But romance is too pretty a word: "He pushed through a $6.3 billion bet on European debt — a wager big enough to wipe out the firm five times over if it went bad — despite concerns from other executives and board members. And it is now clear that he personally lobbied regulators and auditors about the strategy." more ›

Former NJ governor Jon Corzine is testifying in front of Congress today to explain what he knew of the collapse of MF Global. And basically he'll be saying he had no idea! According to prepared testimony, he says he was "stunned when I was told on Sunday, October 30, 2011, that MF Global could not account for many hundreds of millions of dollars of client money. I remain deeply concerned about the impact that the unreconciled and frozen funds have had on MF Global’s customers and others." more ›

Will no one think of the young bankers in these hard economic times? Between the third quarters of 2008 and 2011 the financial sector lost 110,000 employees between the ages of 20 and 34. DealBook spoke to one 28-year-old former Credit Suisse employee, who was hired and fired in a week's time. "I did everything right. I came into work every day, I put in long hours, and I still got punched in the face." more ›

Theodore Forstmann, the billionaire financier who "helped pioneer leveraged buyouts" and built a fortune, died at age 71 yesterday morning. Forstmann, whose empire included the entertainment management company IMG and was a frequent tabloid name—thanks to relationships with Princess Diana, Elizabeth Hurley and, most recently Padma Lakshmi—had been diagnosed with brain cancer earlier this year. more ›

Yesterday, troubled brokerage MF Global fired its 1,066 employees in the broker-dealer operations as the bankrupt firm tries to find $600 million in investor funds that have essentially disappeared. And apparently some employees found out they were canned from the media. more ›

It appears that those teenagers running D.C. have continued to avoid making real decisions and blared their Hoobastank a little too loudly for Mayor Bloomberg's taste, so Hizzoner gave a speech at the Center For American Progress this morning to straighten things out. "For too long, Washington has operated on the 'something for nothing' principal," Bloomberg said. "Spending money we don't have seems to be about the only thing the two parties can agree on." His solution for the Budget Supercommittee? Let the Bush tax cuts expire for everyone, close tax loopholes for the financial industry, and end farm and energy subsidies. more ›

With his brokerage firm's troubles plastered on the front pages of the NY Times and Wall Street Journal, former NJ Governor Jon Corzine resigned from MF Global today. The company issued a statement saying that Corzine, who once headed Goldman Sachs, would not seek his $12 million severance. Which makes sense, since the firm filed for bankruptcy earlier this week and couldn't find about $700 million in funds. But was Corzine's decision hasty? Because now there are reports that the money has been found! more ›

The hits keep coming for the troubled brokerage MF Global: The FBI is joining the investigation on how an estimated $700-900 million of client money went missing. The company, which filed for bankruptcy and is being delisted by the New York Stock Exchange, is headed by former Goldman Sachs chair and former NJ Governor Jon Corzine, who had hoped to turn it into a "mini-Goldman." more ›

Last month, struggling investment bank UBS said would get rid of 3,500 jobs, as a way to help achieve $2 billion in savings. Now, UBS has more trouble, as a "rogue trader" apparently lost $2 billion—yes, $2 BILLION—in unauthorized deals. more ›

Get out your tiny violins! The NY Times has a feature on how the coveted Goldman Sachs partnership can also be taken away from executives." And, people, it's serious: A former senior managing director at Bear Stearns and visiting professor at Adelphi, Michael Driscoll, tells the Times, "Being partner at Goldman is the pinnacle of Wall Street; if you make it, you are considered set for life. To have it taken away would just be devastating to an individual. There is just no other word for it." more ›

Another of Mayor Bloomberg's top aides, Deputy Mayor Ed Skyler, will abandon his post to pursue a career in the world of finance, City Hall sources say. The 36-year-old has served eight years, starting as press secretary, but beginning in May he'll be mostly concerned with "public affairs, government relations and investor relations" at Citigroup.The mayor confirmed the departure in a statement, saying Skyler was “Never afraid of telling me what he thinks.” more ›

A sour new press release sent from Senator Kirsten Gillibrand's campaign minutes ago is titled "Simple Yes or No Question: Did Harold Ford Jr. Dodge NY Taxes to Claim His Merrill Lynch Bonus in Tennessee?" But back in 2006, she was faced with a similar question, and gave no simple answer. Her Republican opponent for a seat in Congress asked her to release her tax records, but the Democrat put her foot down, saying she refused to be "bullied," reports the Post. Sounds familiar. more ›

An increasing number of guys who work in finance are coping with the turbulent markets by pummeling each other in mixed martial arts duels, à la Fight Club. "It’s a recession; some days, fighting is the only thing holding them together," says Max McGarr, who runs a midtown gym that specializes in nightly combat. "We get a lot of finance guys," McGarr tells Bloomberg News. "It’s a good release from their job. If you lost hundreds of thousands of dollars, it’s good to come here and get it out." You know, these guys could probably make a little money back if they let some of the non-Wall Street rabble throw punches (for a small fee). more ›

Sure, there was populist anger over the $165 million in bonuses that bailed-out firm AIG said it had to pay out to executives. And some of it was returned. But now it turns out that less than half of the $45 million AIG executives promised to give back has actually been returend. more ›

Bernard Madoff, who says his investment business was actually a Ponzi scheme estimated at $50 billion, is scheduled to appear in court today for a bail hearing. Bloomberg News reports, "The government may ask that Madoff’s bail conditions be modified, including that bail be withdrawn and the former executive imprisoned." Madoff is currently on $10 million bond and is under house arrest at his East 64th Street penthouse apartment. more ›

AIG, the insurance company that was saved by an $85 billion federal bailout, will cooperate with Attorney General Andrew Cuomo's review of its finances. Additionally, the company will not make a $10 million severance payment to its outgoing CFO and it is canceling future junkets and perks, like its "Best Operator" conference in Las Vegas (cost: $750,000) and a Risk Management Conference at a Ritz Carlton (cost $500,000). more ›

Barack Obama and his erstwhile Democratic opponent Hillary Clinton will be in New York City this week to host three fundraisers, with the joint purposes of getting Obama elected President and paying off Clinton's campaign debts. Get out those checkbooks because both will be pricey endeavors. more ›

Sure, the 2008 election is exciting, but hundreds of candidates are expected to run for city office next year. more ›

A lawsuit filed Monday against the City Campaign Finance Board seeks to overturn a recently enacted funding law that opponents assert will just make the City Council richer - and whiter. The recently-enacted campaign finance restrictions reduces the contributions from companies who do business with the city by a whopping 92%. Translation: In a mayoral race, the individual limit on giving is now $400, versus $4,950; in City Council races, it's $250, down from $2,950. more ›

Andrea Schwartz, the Brazilian ex-pat who settled in Manhattan and became a madam with powerful clients, is back in the news. And she's as saucy as ever, this time denying that she's a lesbian. Tell us more! more ›

New York City's Department of Finance is projecting that real estate values in the city will remain nearly flat this fiscal (ending September) year. More precisely, it expects only a 1.4% increase in property values, versus an 18% climb this past year. more ›

Last week we learned that all New York taxis will soon be held to higher fuel efficiency standards; starting next October new cabs must get at least 25 miles per gallon. But the cab changes don’t stop there – in addition to upcoming GPS and touch-screen video technology, the Taxi and Limousine Commission is considering selling an unlimited card for cab riders, which may feature “fare integration” with buses and subways. Over half the city’s 13,000+ cabs are equipped with credit card readers; the TLC expects all of them to take your plastic by spring ’08 – and Metrocards are being proposed as a next step. more ›

the possibility of another large surplus next year without a fare hike. Despite projections that put the agency in the black, it says they face a deficit in 2009. more ›

For many 1010WINS listeners, some sad news: Financial analyst Larry Wachtel who would gave financial advice on 1010WINS for 33 years died on Sunday. He died suddenly of a heart ailment on Sunday. Wachtel grew up in Brooklyn, attended Long Island University and had worked in the finance industry, retiring from Wachovia Securities in 2005. He also retired from daily commentary on 1010WINS in 2005, but remained a guest commentator. The Journal News notes how... more ›

MUSIC: If you aren't at your local hometown bar this Thanksgiving-eve, drinking with old high school buddies -- we suggest a sonic alternative. Tonight The Hold Steady and Art Brut do their best at making Terminal 5 feel a little bit cozier this holiday season. Buy tickets here. 7:30pm // Terminal 5 [610 W 56th St] // $30 MUSIC MOVIES: If you're sick and tired of the bands playing around town, go check out two... more ›

Elizabeth Currid's new book, The Warhol Economy: How Fashion, Art, and Music Drive New York City, posits that the city's culture is the key our fiscal well-being. With insights culled from many of New York's leading players in the worlds of art, fashion and music, she draws a detailed blueprint of how these creative processes become big-money industries. Currid's thesis is that the conditions that have made New York one of the cultural capitals of... more ›

Derek Jeter isn't alone when it comes to accusations of dodging taxes. The New York Post features a rundown of other famous New Yorkers who are on the hook for taxes owed. Near the top of the list is rap mogul Damon Dash, who allegedly owes the state $2 million.Dash, 36, is one of almost 225,000 city debtors who together have shortchanged the city and state more than $1 billion in income taxes, penalties and... more ›