http://finance.fortune.cnn.com/2012/06/04/the-last-days-of-mf-global/ Even though titled "last days of MFG", it does a very comprehensive job to explain how MFG ended up there but feels a bit short and rushed on the final days IMO. What becomes clear is that Corzine did not buy into peripheral europe due to the merits of the trade. He did it because it allowed him to book immediate accounting profits at a large enough scale that it mattered for the overall PL. And all this clearly material trading was hid from shareholders and regulators, but not from board members. Once he was forced to disclose how he "earned" his money, the end was near.