NEW YORK — MF Global's failure is an example of how a financial firm should be able to fail and not lead to systemic risk in the financial system, St. Louis Federal Reserve President James Bullard said on CNBC Thursday.
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MF Global did not need to be bailed out by the government after taking risks that ultimately brought it down, Bullard said. MF Global made big bets on risky European debt that led to losses and destroyed investor confidence in the company. MF Global filed for bankruptcy protection on Oct. 31.
