Watchdog Report Faults CFTC Head's MF Global Recusal

Law360, New York (May 21, 2013, 7:16 PM EDT) -- U.S. Commodity Futures Trading Commission Chairman Gary Gensler disregarded legal advice and needlessly recused himself from matters relating to MF Global Holdings Ltd. in November 2011 over concerns about his personal ties to then-CEO Jon Corzine, according to a Tuesday report.

The report by the CFTC's inspector general found that Gensler, who previously worked with Corzine at Goldman Sachs Group Inc., participated heavily in the agency's review of MF Global after the firm filed for bankruptcy on Oct. 31, 2011, and voted to approve a formal...
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