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News Summary: Raters, regulators cited in failure

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The Associated Press | November 15, 2012 05:48 PM EST | AP


BLAME GAME: A House panel says credit rating agencies and federal regulators contributed to MF Global's collapse last year But pinned most of the blame on ex-CEO Jon Corzine.

RISKY BUSINESS: The report issued by Republicans found Corzine's risky strategies caused MF Global's bankruptcy. iT also says rating agencies Moody's and Standard & Poor's failed to identify the biggest risk to MF Global: its $6.3 billion bet on European countries' debt.

COMMUNICATIONS BREAKDOWN: The report says the Securities and Exchange Commission and the Commodity Futures Trading Commission failed to share key information about MF Global with each other.