David Teich October 31, 2011, 11:05 AM

Jon Corzine is having a rough couple years.

MF Global Holdings Ltd., the brokerage firm run by the former New Jersey Governor, has filed for Chapter 11 bankruptcy protection, multiple news outlets have reported.

Corzine, who was defeated for reelection in 2009, has helmed the brokerage firm since March of 2010.

MF was badly damaged by risky bets it made on European sovereign debt.

Though reports on Sunday suggested that MF Global was to sell assets to Interactive Brokers Group, talks reportedly collapsed on Monday.

Estimates suggest that the firm’s $41 billion bankruptcy filing is the eighth largest in U.S. history, behind Conseco in 2002 and ahead of Chrysler in 2009.

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