Maybe the media misjudged Jon Corzine, former CEO of bankrupt financial firm MF Global. Last week there were almost universal reports the he approved the transfer of client money to the firms books from the accounts of clients, based on an e-mail much of the media relied on. The total amount of the transfer has been put at $175 million.
Suddenly, the media has reverse its field.
The e-mail, sent by an executive in MF Global’s Chicago office, showed that the company had transferred $175 million to replenish an overdrawn account at JPMorgan Chase in London. The transfer, the e-mail said, was a “House Wire,” meaning that it came from the firm’s own money.
The incident is another example of how media editors will jump to conclusions in the name of getting a scoop