Earlier that week, MF Global Chairman and CEO Jon Corzine had tried desperately to find a buyer for its brokerage unit, MF Global Inc., while attempting to raise cash for the holding company. Selling the dually registered futures commission merchant (FCM) and broker dealer (with its 318 securities accounts) might save the company and enable it to re-organize. The brokerage unit was by far MF Global’s largest and most viable asset, and the cash from the deal would help stop the hemorrhaging.
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