MF Global filed for Chapter 11 protection today, less than a week after being downgraded to junk status.

The New York-based broker dealer was expected to sell its assets to Interactive Brokers, but the deal has been called off, according to reports. MF Global is headed by former New Jersey Governor and Goldman Sachs CEO Jon Corzine, who has been on the job since March 2010. Michael Stockman, a former mortgage trader, has been MF Global's chief risk officer.

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