In Which I Agree With Some Republicans

CNN:

  In a summary of a report due for release on Thursday morning, Rep. Randy Neugebauer of the House Financial Services Subcommittee on Oversight and Investigations said Corzine "dramatically changed MF Global's business model without fully understanding the risks associated with such a radical transformation."
The Republican-led subcommittee didn't directly address whether laws were broken at MF Global, but provided sharp criticism of Corzine's management. Mike Capuano, the subcommittee's ranking Democrat, said that while he agreed with a number of the report's observations, he was not signing onto it because of insufficient time for review. He and other Democrats will instead submit an addendum to the majority's findings.
Corzine, a former Democratic senator and New Jersey governor who made his fortune as the head of Goldman Sachs (GS, Fortune 500), was called before lawmakers several times in the aftermath of MF Global's collapse last year. His spokesman, Steven Goldberg, disputed a number of assertions in the subcommittee's report, saying Wednesday that Corzine "acted in good faith and did what he believed was necessary to turn around MF Global."
MF Global failed after its disclosure of billions of dollars worth of bets on risky European debt sparked a panic among investors. The firm was left scrambling for cash to make good on its obligations and ended up tapping customer funds, failing to replace them in violation of industry rules and leaving a shortfall of $1.6 billion.
Many of the roughly 38,000 customers left in the lurch were individual investors and farmers who used futures contracts to hedge against price fluctuations for their crops. Customers who traded on U.S. exchanges have since received roughly 80% of their money back, though customers trading on foreign exchanges have just 5%, according to the court-appointed trustee tasked with recovering the funds.

Some folks should be going to jail in this case, and Corzine should be the first one there.  Democrat or Republican aside, charges should be filed.