George Soros buys $2b in Corzine's MF Global Bonds

Wall Street Journal:

Investor George Soros's family fund bought about $2 billion of European bonds formerly owned by MF Global Holdings Ltd., the very debt that helped force the securities firm to file for bankruptcy protection Oct. 31, according to people close to the matter.

Under the direction of MF Global's former chief executive, Jon S. Corzine, the firm accumulated $6.3 billion of short-term debt issued by various European nations, mostly from Italy, in a bid to boost trading profits. Over the summer, this debt led to nervousness by investors, regulators and ratings companies, resulting in the firm's collapse just over a month ...

The question is, why?  Speculation is that the Hungarian-American may be trying to show support for Europe, as MF Global's risky bonds that led to bankruptcy were tied to European debt.  He's a player alright.  Just a week ago Soros indicated that the "European debt crisis is putting the global financial system in a "self-reinforcing process of disintegration."

Video of story: http://www.marketwatch.com/...

The news follows yesterday's Congressional testimony by MF Global and former Senator Jon Corzine, who failed to explain the whereabouts or circumstances leading to an estimated missing 1.2 billion dollars, including customer funds.

Tangled webs indeed...