Well the head of MFGlobal resigned after having driven MF Global into the ground. The introducer at a Princeton University lecture described Jon Corzine as "having many titles, Chairman of Goldman Sachs, Governor, Senator, CEO, high school quarter back..." Now he can add "Rogue Trader" title to his list.

We learn one thing, even leverage of 40 to 1 can tip into collapse, with a slightest adverse market move. Human nature never changes, I see traders overleveraging all the time.. As Sun Tzu says,

"Greed is the fundamental cause of all defeat"

But... "For every $ lost, there is $1 made, it is a zero sum game.

Reuters on "Did Accounting help sink MF Global?' It was a case of 'trying to put on too large a hat to fit one's head'.