A powerful US congressional committee has blamed Jon Corzine, former chief executive of MF Global, for the futures broker’s collapse in a withering attack on the character of a man who had scaled the heights of both Wall Street, becoming a senior executive at Goldman Sachs, and American politics.

Mr Corzine, MF Global’s chief when it declared bankruptcy last year, created an “authoritarian” atmosphere, exposed the company to risks it was “ill-equipped” to handle, circumvented risk management procedures, and failed to maintain necessary controls, the House financial services committee’s investigations panel alleged.

“Choices made by Jon Corzine during his tenure as chairman and CEO sealed MF Global’s fate,” said Randy Neugebauer, the Republican chairman of the congressional panel.