$1.6 billion was "accidentally" pulled from customer accounts, then "lost" by Jon Corzine's MFGlobal....
...due to sloppy bookkeeping.
Cue photos of quill pens and coffee-stained ledgers, supervised by "Grandpa Jones" whose memory's been slipping since he injured his hip.
According to Omarxist, the "American system has never worked." Well, not with Communists at the top assisting their cronies in blatant theft and sabotage of free markets.
Where's the GOP on this? Asleep at the wheel, per usual.
Sloppy....just like Sandy Berger..........
“Sloppy” bookkeeping. Didn’t the Rats tell us that Sandy Bugler was being “sloppy” when he stole those documents? Sloppy seems to be something out the the Rat playbook.
</sarcasm>
MF Global Was Sloppy, But Not Criminal
“more than a $1 billion of customer funds that remains missing”
If line 2 is correct, line one cannot be.
I beg to differ with the government on this. In banking, sloppy = criminal.
OK,
How about criminal negligence then and lets proceed with the trial(s).
Could Dog the Bounty Hunter haul Corzine off to some jurisdiction where there is real justice?
Corzine and Bari get a pass from the same media outlets.
Corzine and Bari get a pass from the same media outlets.
Thank God that Corzine is not one of ours. But then again, which Wall Streeters are?
Now if Corzine had produced a Broadway musical guaranteed to be a flop but wasn’t, instead of just embezzling $1.6 bil, he’d be breaking rocks in the big house.
A couple a weeks ago there was a thread on MF Global wherein it was claimed that this whitewash is to cover up that MF, under the language of their account agreements, could legally cover the trading losses that sent them into bankruptcy with the money in those accounts. But to make this clear would destroy customer confidence in these markets and disrupt the syatem, so it is in the interest of the stability of the system to keep this all confused in the minds of the general public.
Just reporting what was said previously to explain why even the congressional hearings can’t seem to clarify and get to the bottom of this.
JPM's lawyers rigged the bankruptcy/regulatory process to bypass protections for segregated accounts.
This is incredible in that basically it blamed investors (suckers, victims, what-have-you) for putting their trust in the MF Global people. No matter how sloppy the bookkeeping was, the basic fact is the company took in people’s money and could not account for its disappearance.
First they blamed the imminent collapse of the Euro/EU zone, now it is due to cleric error that the money is gone, but Hey MF Global had the most honorable intent, they didn’t start out with a criminal bend to swindle people’s money.
Keep this up and in next couple of days, the Fed investigation might just award the MF Global with congressional medal.
I thought Sarbanes-Oxley was supposed to prevent this kind of thing.
Disgusting!
Absolutely disgusting.
” sloppy bookkeeping rather than criminal activity “
SOX says that they are the same thing.
You know at some point, you’d think that people would get mad about this stuff.
Instead the response seems to amount to “ho-hum”....
GEORGE (screaming at him): Where's that money, you stupid, silly old fool? Where's the money? Do you realize what this means? It means bankruptcy and scandal, and prison! That's what it means! One of us is going to jail! Well, it's not going to be me!
UNCLE BILLY: George, we gave some of that money to the local Democrat Party. We'll never be indicted of anything. We can even blame that old Republican Potter for stealing it if we have to.