2018

BUSI 896 Ethics (IB11)

ASSIGNMENT #1
RACHAEL ROSS
 Topics:

Case 1: Raiding Customer Assets at MF Global

Who Was Responsible?

Case 3: Cultural Barriers: When Equality Compromises Efficiency

BUSI 896 - Ethics Management

MBA (IB11)

ASSIGNMENT #1

Ankita Moore

A00403993

Ms. Rachael Ross

January 20th, 2019

 Case 1: Raiding Customer Assets at MF Global: Who was Responsible?

Summary

The case “Raiding Customer Assets at MF Global - Who Was Responsible?” presented an

ethical dilemma involving excessive financial mishandling of customer accounts. The case

further highlights two major players in the scandal, namely; Jon Corzine who was the CEO of

MF Global Holdings, Ltd., and Edith O’Brien, who was a mid-level manager. The case

detailed that a complaint was issued against the CEO, Jon Corzine from Commodity Futures
Details of the
Case Trading Commission bringing him to answer charges for his role played in the financial

scandal arising over a transfer of monies withdrawn from customers assets to cover a bank

overdraft. This however, threatened to sink the firm and bring it to declaring bankruptcy.

Considering this, Corzine's lawyer stated that he “Corzine” - "Never directed Ms. O'Brien or

anyone else regarding which account should be used to cure the overdrafts, and he never

directed that customer funds should be used for that purpose. Nor was he informed that

customer funds had been used for that purpose". On the other hand, Ms. O'Brien, a life-long

middle manager, stated that “she does not dispute the fact that Corzine never explicitly ordered

her to take the funds from customer accounts”. She, furthermore, admitted that she knew what

she was doing was wrong, but she had no choice because customer accounts were "the only

place where we had the $175 million" needed to cover the overdraft. However, based on the

unethical evidence presented in the case, we can explicitly distinguish a lot of the complex

causes hidden behind the issues, which would be highlighted below. As such, we can agree

that the major contributors, Jon Corzine and Edith O’Brien acted unethically and were the key

players in the downfall of MF Global. Additionally, poor implementation of the company

compliance rules and regulations in protecting customers account, poor supervision of funds
and board revision all lead to the outcome of MF Global declaring bankruptcy. However, in

establishing “Who is responsible”, would depend heavily upon “whether ethical behavior is

dependent on the actions of leaders or it is dependent on the effectiveness of the

rules/regulations put in place”. After reading the case I believe that the responsibility lies on

Mr. Corzine for his role as well as Ms. O’Brien for going ahead against her better conscience.

Questions relating to the case:

Did Corzine act appropriately? How would you characterize his behavior legally,

ethically, and managerially? What other choices did he have?

According to Downe 2016., he believes that “leadership is widely seen as having an

important role in fostering ethical conduct in organizations”. Therefore, he defines

ethical leadership as “the demonstration of normative appropriate conduct through

personal actions and interpersonal and the promotion of such conduct to followers

through two-way communication, reinforcement and decision making” (Downe,

2016). Hence, I believe that Corzine actions was inappropriate and unethical to make

such a request to a mid-level manager. Firstly, I believe he deliberately gave

instructions to Ms. O’Brien know fully well that the company did not have access to

the money. Corzine being aware of this, also knew that this money could have only

been recovered from customers’ accounts. Additionally, I would characterize Corzine

behavior as being reckless, irresponsible and inconsiderate from a legal and ethical

standpoint. Furthermore, I felt that Corzine had a big responsibility as the CEO, to

find a better solution in resolving the overdraft and by him handing it over to a junior

staff proved unprofessional. Overall, his action was illegal both from an ethical and

managerial perspective. I also believed that Corzine acted out of character because as
 CEO he had to ensure that he fostered an environment that is ethical—where workers

abide by the laws governing the company. Corzine choices are many in this case

scenario. Firstly, he could have owned up to the fact that the company was not

performing financially. He could have also considered ways to source the funds

externally, either through a loan or developed ways to maximize on the company

profits. A final option that Corzine could have considered was declaring bankruptcy

in the initial stage when he realized that MF Global was not able to meet their financial

obligation.

Did Ms. O’Brien behave appropriately? Realistically, what other choices did she have?

Based on Ms. O’Brien statement, “she does not dispute the fact that Corzine never

explicitly ordered her to take the funds from customer accounts. ‘She admitted that

she knew what she was doing was wrong, but she had no choice because customer

accounts were’ ‘the only place where we had the $175 million’ ‘needed to cover the

overdraft” (O’Toole, date). Based on the statement made by Ms. O’Brien, “She had

no choice”; realistically she had several choices when dealing with this matter. She

had the option to report Mr. Corzine to the board of directors, she could have also asked

him to clarify his request, as well as to inform him of the financial position of the

company and as a formal reminder that the only accounts that held $175 million was

the customer asset account before going ahead with the transactions. On the other

hand, Ms. O’Brien placed herself in the position to faced legal incrimination by

conducting the transaction or potentially lose her job despite which decision she made.
 I believe she should have sought transparency in her action and chose either options

stated above before performing the unsanctioned transaction.

Should the actions of either Corzine or O’Brien (or both or neither) be considered

criminally negligent? Unethical? Bad judgment? Other?

Overall, I believe the actions of Corzine and O’Brien should both be considered

criminally negligent and more so, unethical. Both has illustrated bad judgement in

their decision to interfere with their customer funds despite the company’s golden rule

to protect and separate the assets of its clients from that of the company. Their actions

directly affected the company to the point where the company declared bankruptcy.

As such, both Corzine and O’Brien should be held accountable for their actions as it

was unethical to use the funds of customers to clear the company overdraft.

What role should (or might have) the firm’s Ethics and Compliance Officer played in

this drama?

The role of the compliance officer is to promote ethical conduct and compliance with

rules, regulations and standard that oversees how organizations should conduct

business. Broadly speaking, MF Global Ethics and Compliance Officer could have

prevented the situation from occurring by instituting and enforcing measures that

restrict employees from acting unethical. For instance; if the Compliance Officer was

actively involved in the financial operation of MF Global, they would have been able

to advise both Corzine and O’Brien on the right course of action. This being, Corzine

request was by far unethical, since he indirectly asked a subordinate to conduct an

illegal transaction that compromised the accounts of its clients. As such, the
 Compliance Officer would have been able to foresee the potential consequence of

Corzine’s request and prevent the misuse of funds.

Main Issues Involved in the Case

 Whether or not Corzine, CEO of MF Global directed one of his mid-level managers,

Edith O’Brien, to transfer millions of dollars of customer assets to cover a bank

overdraft.

 Whether or not Corzine knew that Edith O’Brien violated the company’s golden rule

to protect customer assets by taking a subtle request to find $175 million.

 Whether or not Edith O’Brien, a mid-level manager should have reported the CEO to

the board of directors or should have quit her job based on the nature of the request.

 Whether or not Edith O’Brien truly had no other choice in her decision to withdraw

millions from customer accounts.

Missing Information

 What was the motive behind Corzine subtle request to his subordinate to find $175

million?

 Did the company had prior financial problems before Corzine? If yes, what was the

issues?

 Was the board of directors aware of the company’s financial mismanagement?

 Was the Compliance Officer aware of MF Global financial dilemma?

 Did MF Global generated credible financial reports for external auditing?

 What caused MF Global to incur an overdraft?

 What was the relationship between the two, Mr. Corzine and Ms. O’Brien that he felt

comfortable to make such a request?

  Were there warning signs that was ignored that lead to the demised of MF Global?

 What was the responsibility of Mr. Corzine in ensuring that employees carried out the

golden rule?

 Why does Edith O’Brien, a middle level employee has so much access to those

accounts to perform such a unsupervised transaction?

 What was the penalties/charges brought towards Corzine and O’Brien?

Similarities to other cases

This case is like many financial scandals we hear about in the news today, notable due

to their nefarious deeds, size of the fraud, callousness of the fraudsters or the political

repercussions. Hence, we can find common similarities from “Raiding Customer

Assets at MF Global” with other fraudulent cases, such as Enron, Cendant, WorldCom,

and Wells Fargo. Even from a local perspective, there have been financial scams from

companies such as Capital Bank and SGL Holding. All these cases cover a wide

variety of unethical activities relating to financial mishandling that leads to fraud and

can be categorized as a violation of an individual’s rights and financial affiliates.

Additionally, all these ethically collapse companies proved that they all have one thing

in common—they all had weak boards, despite they were weak in different ways.

Some common threads among these scandals were:

 Altering of documents which cause a major conflict of interest.

 Falsification of reports and lying about products.

 Poor evaluations of clients’ accounts and stonewalling financial auditing.

 Misappropriation of funds and bad investments.

  Employees feeling a sense of fear that they had no choice but to take instructions from

higher level managers to use unethical means to resolve the company financial issues.

 Upper managers refusing to acknowledge their roles played in the ethical collapse.

Divergence from other cases

Many of these fraudulent and toxic cases are not new occurrences, especially when left

unchecked, these firms eventually meet their tragic downfall. In this particular case,

unlike other fraudulent cases, MF Global started off with billions of dollars from

customer assets which eventually went missing. Later we learnt that these funds were

used by an employee who took it to pay off a bank overdraft for the company.

However, in other cases involving financial mismanagement these controversies

brought about different outcomes for the perpetrators—where some have been

prosecuted by law and imprisoned while others have been sanctioned heavy fines and

request for their resignation. Another, difference to note with fraudulent cases is that

many but not all tend to file for bankruptcy; while others may request that the

perpetrators resign, or prosecuted while business continues as usual despite the

scandal.

Relevant Criteria

Jon Corzine Professional Obligation Edith O’Brien Professional Obligation

 He had the obligation to find a reasonable way  She had an obligation to verify the

Obligation to source the funds rather than give such a instruction given to her from her CEO.

directive to a mid-level manager.

 He had the obligation to define the company’s  She had an obligation to report this

expected outcome and communicate the request to the board of directors or the

procedures to be followed. Compliance Officer.

 He was obligated to delegate tasks to the most  She had an obligation to inform

qualified employee and ensure to follow-up on Corzine of the financial position of

the progress. their accounts which was not sufficient

 Being the CEO, he was obligated to be on top to pay the overdraft.

of the legal responsibility the company had  She was obligated to ask for

concerning customers' assets and the clarification based on the nature of the

implications. CEO request and to provide feedback,

 He was obligated to provide proper guidance to if necessary.

his directive since Ms. O’Brien did what she Personal Obligation

thought would accomplish Corzine's request.  She was obligated personally to do

 Corzine was obligated to conduct a follow-up what was right and not confirm to the

to his request to check the progress of raising unethical culture of the firm.

the money required to offset the overdraft.  She was obligated personally to follow

 Corzine was obligated to give this directive to the ethical expectations which requires

one of his top-level managers who would have her to be honest and transparent in her

been more familiar with making a strategic daily business operations.

decision.

Personal Obligation

 Corzine had a personal obligation to be

forthright and honest/truthful in every aspect of

 his interactions with employees as well as to

the Commodity Futures Trading Commission

in his hearings about his true motives when he

made the request to the junior staff.

Jon Corzine Edith O’Brien

Honesty Honesty

Corzine as the CEO of MF Global intentions Ms. O’Brien admitted that she knew what

seemed honest when he initially joins the she was doing was wrong when her CEO

Ethical Ideals company. His efforts to transform MF Global ordered her to find the funds needed for

from "a plain vanilla commodities firm—into a the overdraft. She also admitted based on

full-blown investment bank” can be seen as an what she knew about the company

upright move. The intention behind this plan did financial status, the only place to obtain

not show to be misleading or deceiving by way of the funds was through customer accounts.

misrepresentation, or overstating. Where Corzine She believed that it was wrong to use

faltered in his moral obligation to be honest was customers funds, but she felt that she had

when he did not report the financial status of the no other choice.

company. In addition, he was rather selective in Beneficence / Least Harm

his aim to omit key information from Ms. O’Brien Firstly, Ms. O’Brien should not have

when he gave her the directive to find the funds followed through with the instruction

needed for the overdraft. given to her by her CEO. Instead she

Prudence should have focused more on what was

right and wrong based on the company

 If Mr. Corzine had executed his ethical role as ethical regulations. Though, she knew it

CEO of the company properly, he would have was wrong to dip into customers’

prevented this situation from occurring. As CEO, accounts—she felt that it was the right

he was expected to make decisions in favor of the thing to do since these were the only

company, but in doing so the integrity of the accounts that could cure the company

business and the golden rule of protecting overdraft. In her decision making

customer assets should have been his priority. situation, she felt bonded by duty to act

Reparation when non-action was recommended by

During the entire hearing, Mr. Corzine never her superior.

accepted the blame or responsibility for his role Reparation

when he ordered a subordinate to find $175 Edith O’Brien fully accepted her role in

million. Instead, he denied that it never dawned going against the company golden rule.

on him that his subordinate would take a subtle Bond by duty to help, she went against her

request and violated the company golden rule. In ethical responsibility she felt she was

addition, he never attempted to make up for the serving the greater good by helping MF

wrongful acts done to others. Global stay in business.

Jon Corzine Edith O’Brien

Immediate Immediate

 It is possible that Corzine’s actions put him in

 Ms. O’Brien’s unethical actions can
a compromised position that could cause him
affect her creditability, which may
to faced criminal charges that could affect his
Consequence tarnish her reputation in society and on
credibility and cause his career to derail.
the job.
  It is possible that Corzine negligence caused  Ms. O’Brien stand a chance of losing

him to assume that Ms. O’Brien would follow her job or she may face disciplinary

the company ethics regulation. His failure to actions from the board of directors.

specify which accounts the funds were to be  It is possible that if Ms. O’Brien choose

used from, makes him an accessary to the to report Corzine she could lose the

crime. respect from top level managers and

 It is also possible that Corzine decision probable be a target of victimization.

jeopardized the reputation of MF Global and  If Ms. O’Brien had choose not to do

place the company in a position to face civil anything with Corzine request, it is

actions which could be brought against possible that he would have found

everyone involved. another employee to carry out his

 It is also possible that Corzine could be request.

demoted or fired if it is proven that he

Delayed
intended to use customers funds.

 It is possible that Ms. O’Brien might

Delayed
face jail time or pay a heavy fine for her
 Corzine faced possible jail time and criminal
actions.
charges that could cause him to pay a large
 It is possible Ms. O’Brien could also
penalty out of his pocket.
face serious difficulty finding another
 Corzine stand the possibility of losing his job
job within the same accounting field or
as CEO if found guilty for the misuse of
any other career.
customers funds..

Emotional
  His unethical actions could also spurred a
 It is possible for Ms. O’Brien to feel
number of congressional, criminal and
guilty about her decision to go against
regulatory investigations.
company regulations despite she felt
 Mistrust is a possible repercussion between
she had no other choice.
Corzine and O’Brien and likewise other
 Ms. O’Brien could feel responsible for
managers and employees.
causing the company to declare

Emotional bankruptcy and go into a realm of

depression.
 It is possible for Corzine to feel a sense of

guilt and sadness for the impact his uncleared

request has caused the company’s clients,

employees and many others.

Jon Corzine Edith O’Brien

 Corzine could have brought the issue to his  Ms. O’Brien could have refused to

top-level managers to brainstorm strategic follow Corzine request and

ways to cover the overdraft. reported it to the board of

 If Corzine had reported the matter to the board directors, or the company ethics

of directors—the possibility exist that the hot lines, or through a third-party

Possible course board would have given a directive in the reporting systems.
of action
interest of their customers.  She could have also informed

 Corzine could have also consider bringing the Corzine that there was nothing she

dilemma to the company compliance officer can do, since the company
 who would have advised him to follow the accounts—by itself—could not

company Code of Ethics. cover the overdraft.

 Corzine could have considered going to  Ms. O’Brien could have also

JPMorgan to request for more time to settle considered sending in an

the overdraft. immediate resignation relieving

 It is possible for Corzine to do nothing and her of this unethical request.

allow the company to go along the path to

bankruptcy.

 He could have been specific in where he

wanted the money to be obtained from, to

which he offers no such direction.

Jon Corzine Edith O’Brien

 The most ethical course of action for Corzine  The most ethical course of action for
Most ethical
course of should have been to discuss the issue with Ms. O’Brien could have been too
action
other top-level managers to come up with refused the instruction given by her

strategic ideas on the best way forward for MF CEO.

Global.  Ms. O’Brien could have also asked that

 As an alternative course of action, he could the CEO provide further clarification as

have brought the matter to the board of to where he wanted her to obtain the

directors. funds.

 Additionally, he could have also considered

making a request to take a loan from another

 bank to pay off the overdraft and arrange a  Ms. O’Brien could have relied heavily

proper payment plan. on her moral obligation and conviction

to protect customers funds.

 Additionally, she could have

communicated the matter to the board

of directors or seek advice from the

compliance department.

Jon Corzine - Utilitarianism Edith O’Brien - Utilitarianism &

The source of decision making for this analysis is Kant-Theory

taken from John Stuart Mills, who spoke on the Likewise, the source of decision making

theory of utilitarianism. This moral theory for Ms. O’Brien was taken from both John

Source of promotion overall happiness. This is, where we Stuart Mills, the Utilitarianism and
decision
making evaluate our moral principles: which is, to be able Immanuel Kant, the Deontological

to act in a manner that will lead us to the greater theory. Using Mills theory, it states that it

good. Hence, this theory can be applied to Jon is better to seek the greater level of

Corzine, the CEO of MF Global who was happiness than to impose the greatest

expected to act in the interest of the company’s’ amount of pain. Based on Ms. O’Brien

clients by protecting their assets and separating actions—to cover the overdraft by taking

them from that of the business assets. Corzine funds belonging to the companies

actions did not contribute to the happiness of MF clients—she knew first hand that doing

Global customers because they lost millions over this would help in one way, but would

his negligence. Corzine failure in for filling the

aim of Utilitarianism, was allowing the have repercussion as she would have

mismanagement of finances to negatively impact violated the companies golden rule.

the greatest number of people and by extension On the other hand, Kant’s Deontological

the overall reputation of the company. Although, theory states that “we are morally

Corzine decision to pass a managerial task to a obligated to act in accordance with a

mid-level manager seemed to be the best option, certain set of principles and rules

in the end many people suffered as a result of his regardless of outcome” (Shakil, 2013).

action. Therefore, based on Ms. O’Brien’s

situation we saw that she was driven by

duty/obligation that she had to the CEO’s

request over the subsequent consequence

arising from her action. Under Kantian’s

duty-based morals, Ms. O’Brien failed to

carry out her fiduciary duty to MF Global

clients. Instead she focused more on the

interest of the cooperation amidst the

golden rule.
 Case #3: Cultural Barriers: When Equality Compromises Efficiency

Summary

This case introduces a cultural scenario that covers an environment where language

became a key issue for this small but growing advertising company. The case involves

two key players Mike, who was the co-founder of the small but fast-growing mobile and

social platform and Ralph, who was responsible for door-to-door sales. Ralph

responsibility as the company’s sale representative was to pitch the company's platform
Details of the Case
that will help clients gain a virtual following of customers. However, the business

owners in the area often spoke English as a second language, making clear

communication between the two parties a key concern for Ralph. On one sales call,

Ralph approached a small hair salon and secured a contract along with a $100 signup

fee. Mike, Ralph's boss, found himself stuck in a tough situation as this new client “the

hairdresser” was furious after learning that she would have to operate the online

platform herself—as opposed to the full service deal, she thought she had signed. Mike,

understanding that the break-down in communication may have been because of the

language barrier decided to refund the customer the signup fee. Mike, knowing that this

was not the first time a refund needed to be made started to consider redrawing their

target areas away from those where English is not the predominantly spoken language.

Issues Being Addressed

In reading the unfolding of this case, there are a number of ethical issues that can be

addressed with Mike’s decision to relocate business. Some of the issues are:
  Whether Mike should hire more bilingual sales representative to facility fluent

communication. Or whether he should provide more bilingual training for his

sales representatives.

 If Mike, decides to relocate his business, what would be some the ethical

breaches, if any, he would face.

 Another issue to consider, is whether Mike has an ethical responsibility to

continue business in this market. Or whether he has no obligation to continue

sales and is free to exist and relocate.

 Likewise, whether or not Ralph had difficulty understanding and explaining

himself to the hairdresser causing a communication breakdown.

 The question as to whether or not redrawing his services from the target areas is

a matter of prejudice and discrimination.

 Whether Mike would consider lying to his customers and vendors as to his reason

for relocating.

 Whether Mike is basing his decision on the situation rather than on the most

ethical way to handle the situation.

 Whether Ralph is lying to Mike and is purposefully not making an effort to sell

the service.

Similarities to other cases

This case is a great example of a situation where communication barriers affected

business operation. It illustrates what every business, whether big or small experience

especially when the wrong linguistic explanation or expression is used. This alone can
cause a major breakdown between business and sales. Hence, communication barriers

do exist among regions—whether it is through education, healthcare or business

transactions—everyone can attest to having firsthand experience. Like Ralph, similar

cases where employees are expected to severe a market to which the language is not fully

understood can be stressful. Especially, in the case of Mike, where he is losing money

because Ralph is experiencing communication difficulty when attempting to sell the

company platform to owners whose second language is English.

Divergence from other cases

The thing that makes this case different from other cases is:

 Since the business must at some point deal with individuals from different

cultural background training in linguistic would be easier to implement.

 Mike may have a sense of compassion and he may decide to stay in the market.

 Ralph may find ways to understand the culture and language of the market unlike

bigger firms.

Missing information

 Was the contract being offered to the clients clearly detailed in their specific

language and explained slowly that they can understand?

 Did Mike offered extensively training to his sales representative?

 What adjustments were made to remedy the situation as stated in the case?

 Why were these adjustments made?

  Did Ralph shared his concerns about making clear communications between the

clients and himself to Mike?

Relevant Criteria

Ralph Mike

Professional Professional

 Ralph should have shared his concerns  Mike needs to recognize the

Obligation with Mike who would have arranged areas where Ralph need more

to get him the help he needed. training.

 Ralph had an obligation to seek help  Mike is obligated to provide

through training to understand the basic ethics training to Ralph

basic ethics and culture he operates in. and ensuring that he has a

 Ralph could have suggested that Mike clear understanding of before

get new hires skilled in linguistic.  Mike had an obligation to his

He should request additional training from his staff to ensure that they are

supervisors. well trained within a specified

He should ask questions time.

 Mike also had an obligation to

provide support for all his

employee by providing them

with pamphlets, slide shows,

among other visual

communication. Additionally,
 the provision of online courses

could have been beneficial.

Ralph Mike

Honesty - Ralph needs to consider being Beneficence – Mike being put in a

Ethical Ideals
honest and truthful with Mike about his real position to think of the best solution to

reason why he is experiencing so many maximized profit for his company.

problems selling the service. He is more concern

Ralph Mike
Consequence
Immediate: Immediate:
 Because Ralph has a concern about  Mike could face
communication with the target market, discrimination charges for
this could affect him in his motivation wanting to relocate his
in learning the cultural language or business.
even understanding it. 
 Ralph could lose his job if he does not
start selling the services to clients and
stop losing the company money.

Ralph Mike
Possible course of
action  Mike could hire a multilingual

speaker

 Create website where he

would be able to advertise his

service in the specified

language.

Ralph Mike
Most ethical course
of action The most ethical course of action for
Mike is to provide additional training
for his employees and ensuring that
they are bilingual.
 Ralph - Utilitarianism Mike - Utilitarianism &
Sources of decision
making The source of decision making for this Kant-Theory

analysis is taken from John Stuart Mills, who Likewise, the source of decision

spoke on the theory of utilitarianism. This making for Mike was taken from both

moral theory promotion overall happiness. John Stuart Mills, the Utilitarianism

This is, where we evaluate our moral and Immanuel Kant, the Deontological

principles: which is, to be able to act in a theory. Using Mills theory, it states

manner that will lead us to the greater good. that it is better to seek the greater level

Hence, this theory can be applied to Ralph of happiness than to impose the

who was expected to find a better way to greatest amount of pain. Based on

interact the company’s’ clients. Mike’s actions—to relocate—he

displayed prejudice and discrimination

against his targeted market. On the

other hand, Kant’s Deontological

theory states that “we are morally

obligated to act in accordance with a

certain set of principles and rules

regardless of outcome” (Shakil, 2013).

Therefore, based on Mike situation we

saw that he was driven by duty to make

a profit.
 References

Bukaty, P., (n.d.). Jon Corzine and MF Global. Retrieved March 09, 2017, from
http://sevenpillarsinstitute.org/case-studies/jon-corzine-and-mf-global

Essays, UK. (November 2013). Corzine Business Ethics. Retrieved from

https://www.ukessays.com/essays/business/corzine-business-ethics-3537.php?vref=1

Fisher, D., (n.d.). PwC challenges Corzine’s account of MF Global’s collapse. Retrieved March
11th, 2017, from https://www.forbes.com/sites/danielfisher/2017/03/10/pwc-challenges-
corzines-account-of-mf-globals-collapse/#628f6b836f1e

Gentile, J., (2013, April 20). MF Global and the case of the missing funds (2011). Retrieved March
 9th, 2017, from http://businessethicscases.blogspot.co.uk/2013/04/mf-global-and-case-of-
missing-funds.html

Protess, B., (2017, January 05). Corzine reaches $5 million settlement with regulators in MF
Global case. Retrieved March 09, 2017, from
https://www.nytimes.com/2017/01/05/business/dealbook/mf-global-jon-corzine-penalty-
settlement.html?rref=collection%2Ftimestopic%2FCorzine%2CJonS.&action=click&con
tentCollection=timestopics®ion=stream&module=stream_unit&version=latest&content
Placement=1&pgtype=collection

Shakil, Ali. (2013, January 29th). Kantian Duty Based (Deontological) Ethics. Retrieved January
13th, 2019 from https://sevenpillarsinstitute.org/kantian-duty-based-deontological-ethics/

Stern, Gary. (2012, June 13th). 10 Lessons Learned From the Demise of MF Global. Retrieved
from https://www.business2community.com/finance/10-lessons-learned-from-the-
demise-of-mf-global-0196075

https://www.nytimes.com/2013/07/06/business/moral-quandaries-at-mf-global.html

http://businessethicscases.blogspot.com/2014/02/a-billion-dollars-escapes-mf-global-in.html

https://sevenpillarsinstitute.org/case-studies/jon-corzine-and-mf-global/