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MF Global Money Found in Britain?
CNBC ^ | 11/29/11 | Ben Protess and Azam Ahmed

Posted on 11/29/2011 5:24:58 AM PST by Libloather

MF Global Money Found in Britain?
By: Ben Protess and Azam Ahmed
The New York Times
Published: Tuesday, 29 Nov 2011 | 7:01 AM ET

About $200 million in customer money that vanished from MF Global is believed to have surfaced at JPMorgan Chase in Britain, according to people briefed on the matter. The discovery could be the most significant breakthrough in a monthlong hunt for the missing funds.

During MF Global's [MFGLQ 0.00 --- UNCH (0) ] last chaotic days, the brokerage firm overdrew an account at JPMorgan [JPM 29.16 0.68 (+2.39%) ], according to another person who is close to the matter. Some investigators now believe the firm used customer funds to patch at least some of the hole, which would have been a significant breach of federal law.

MF Global transferred the roughly $200 million in the days before the firm filed for bankruptcy, said the people, who requested anonymity because the investigation was incomplete.

(Excerpt) Read more at cnbc.com ...


TOPICS: Crime/Corruption; Extended News; Government; News/Current Events
KEYWORDS: britain; global; mf; money

1 posted on 11/29/2011 5:25:04 AM PST by Libloather
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To: Libloather

I just hope that someone is looking to see if any taxpayer money is being funneled in and used to make good on MFG’s losses.


2 posted on 11/29/2011 5:27:27 AM PST by mewzilla (Forget a third party. We need a second one.)
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To: mewzilla

And the reason Corzine isn’t doing the perp walk is?


3 posted on 11/29/2011 5:31:47 AM PST by ThePatriotsFlag
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To: ThePatriotsFlag

Other than the fact he’s a well-connected ‘Rat? Well, the wheels of justice grind slowly.


4 posted on 11/29/2011 5:34:06 AM PST by mewzilla (Forget a third party. We need a second one.)
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To: Libloather

I don’t undwerstand why it is taking so long for the details to surface...wire transfers are a matter of record, and easily available...the investigators, as soon as they got into the firm, were able to trace EVERY transfer out of MF Global..they know where it all went..


5 posted on 11/29/2011 5:34:24 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: ken5050

I’m not a forensic accountant, but I’ve heard stories that make my brain hurt. It could take a while to find out where the money went, especially if was laundered over and over again. My greater concern is that there will be an attempt to replace the missing money with someone else’s. IOW, the taxpayers’.


6 posted on 11/29/2011 5:38:57 AM PST by mewzilla (Forget a third party. We need a second one.)
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To: Libloather

The idea they don’t know where the money went is laughable. The money went to pay off the margin calls in the hopes they could squeak on by and either sell the business or their lenders calmed down about their positions and the crisis passed. Now the lenders like JPM have the money and have no intention of giving it back unless it is clawed back.


7 posted on 11/29/2011 5:45:49 AM PST by Joe Miner
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To: ThePatriotsFlag
And the reason Corzine isn’t doing the perp walk is?

Because he is a FOB [Friend of Barack's]

And what is all this BS that we just "found" another $200 million. Two weeks ago they "found" $550 million at JP Morgan, now another $200 million in the UK .. who "forgets" where they put $750 million? And don't they ledger this stuff. I am in the futures business. There is a lot that does not make sense here!

8 posted on 11/29/2011 5:49:57 AM PST by Why So Serious (There is no cure for stupidity!!!)
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To: mewzilla
Meanwhile.....

Corzine Pushed Bet on Europe Debt to $11.5B

9 posted on 11/29/2011 5:52:12 AM PST by mewzilla (Forget a third party. We need a second one.)
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To: Why So Serious; ken5050
And don't they ledger this stuff. I am in the futures business.

If those were legitimate transactions there should be records out the wazoo. The FBC requires records for all sorts of banking transactions. In a previous life, I was a partner in a commodities scale trading venture. We had file drawers full of records in case the CFTC ever decided to take a look. Sure, I can see not having the books balance by a few dollars here or there, but hundreds of millions that "can't be found"? Come on, that's pretty hard to believe, even if 'Rats are involved. I agree, something ain't right. The question is, will anyone do anything about it? I have my doubts with this bunch of crooks (Holder, et al.) in charge.

10 posted on 11/29/2011 6:02:50 AM PST by chimera
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To: ThePatriotsFlag

For the same reason crooked members of congress don’t...


11 posted on 11/29/2011 6:08:16 AM PST by Eric in the Ozarks
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To: Libloather

Much of this money will never be located (on purpose) to fund the communists re-election bid.


12 posted on 11/29/2011 6:10:48 AM PST by Stand W (Crush your enemies! See them driven before you! Hear the lamentations of their women!)
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To: ThePatriotsFlag

“And the reason Corzine isn’t doing the perp walk is?”

For the same reason that Barney Frank is retiring to a fat pension and yummy speaking fees instead of the prison cell he so richly deserves.


13 posted on 11/29/2011 6:13:53 AM PST by Stand W (Crush your enemies! See them driven before you! Hear the lamentations of their women!)
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To: Stand W

if we had a read media corzine wouldnt be able to show his face


14 posted on 11/29/2011 6:14:07 AM PST by jneesy (Nearly all men can stand adversity, but if you want to test a mans character, give him power.)
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To: chimera; Why So Serious
IMHO, there is only one possible reason why they're holding back the info on where the $$ went..they are trying to apply pressure on the banks that received the funds to voluntarily return them.

It sounds like most of the $$ went to counterparties overseas, that are much less susceptible to pressure..but I can't believe that any bank(s) would knowingly take a billion $ hit..

15 posted on 11/29/2011 6:34:21 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: mewzilla

I’m against almost all bailouts, except this time, it may be necessary to protect the integrity of the futures markets.

We ALL depend on future markets every day. If you buy gas, food, buy any product made out of raw materials, you are affecting futures.

Let’s look at gas, as it is the commodity that virtually everyone uses (even if you don’t own a car, you buy goods transported by vehicles burning gas).

Buyers of gas will lock in profitable levels to buy it far into the future. It is there way of locking in a profit, and allowing them to run on a tight margin. IF seg funds are not made whole and the futures industry suffers due to lack of confidence, it is possible for the futures cease trading.

IF that happens, we go back to a spot trade system. The buyer of gas has to buy at the price on the day he wants delivery. He does not know this very far ahead of time. As a result, he needs to keep a larger margin to help offset the times that he is buying more expensive gas.

At the end of the day, futures trading is necessary. Maintaining the integrity of the trade is a must.

I favor a tax payer “loan” to make the seg funds whole. Ask all FCM’s to contribute a portion to a fund to re-pay the tax payer, and crack down on laws that allow seg funds to be invested in bonds. Limit seg funds to cash only, and require 100% be on deposit at the clearing houses.


16 posted on 11/29/2011 7:12:27 AM PST by IL Republican
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To: Stand W

My bet is the same: much of this money, TARP money, bailout money and every other multi-trillion rescue package money are headed indirectly, covertly, subtley into special funds to disperse to 0 and other world-gov minions.

Hurry up and know it, folks; were not in Kansas any more. Most USAians are in _way_ over their heads.


17 posted on 11/29/2011 7:57:00 AM PST by veracious
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To: ken5050
I have a feeling a lot of that pressure will be political, as much as it can be applied. We know hoe closely Corzine is tied to Obama. And that will make any kind of legitimate inquiry almost impossible, much less holding anyone to account. Remember Hillary’s $100K cattle futures deal? That whole thing was likely crooked but no one would do a decent investigation. The message was clear to any and all: don't go there. Anyone who had any jurisdiction in the matter wouldn't touch it with a ten-foot cattle prod. They “knew better”.
18 posted on 11/29/2011 8:43:27 AM PST by chimera
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To: chimera
Not sure if I agree with that, though I understand where you're coming from..it's a much different era now..news and info are instantly available..everywhere..Hilalry's stuff was small, closely held..these are all matter of publci record, and are available.

Also, Dems are embracing OWS..they can't defend Corzine at the same time...

Corzine has been quieter than Bernie Madoff..which tells me that he is in BIG trouble..the Dems and Obama are in a box...would Obama pardon Corzine after the election? If Obama loses..you betcha.. Remember Marc Rich?...Dems are shameless..especially if Corzine knows where the bodies are buried..

19 posted on 11/29/2011 8:52:55 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: ken5050
Well, I just have a sense that Obama and the 'Rats will be working behind the scenes on behalf of Corzine. If they can't protect him entirely then I think they'll soften the fall. I can easily see a scenario where he skips to the Bahamas or Switzerland and very little effort is made to extradite him. That gives Obama and the 'Rats some cover ("What can we do? We don't have jurisdiction...").

But maybe in a sense you're right, these are different times and a different bunch of 'Rats. Still as corrupt, but maybe a different style of corruptness. The Clintons just threw people away and trashed them (or worse). Look at what they did to Billy Dale simply for sitting in a chair that Hillary wanted "her people" to be in. Obama may not be as blatant, but I think he's at least as ruthless, maybe more so, since his is the Chicago Way.

20 posted on 11/29/2011 9:12:36 AM PST by chimera
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To: chimera
Corzine's "problem" is that there is NO cover up..everything's clearly out there..Corzine wasn't thinking...he faced massive margin calls, or his positions are closed out, and the firm goes belly up..he was convinced..after all he is so smart...Biden says so..that he borrowed the $$ for a few days..the markets turn around they put it back..all's good.

Here's the key, as I've said before...Corzine can't switch out all the $$ himself..he needed several key senior backoffice staff to do it...they knew it was illegal..but they believed Corzine, and also they wanted to save the firm, AND their jobs...now they are all cutting deals with Feds..in a trial, this is easy for the jury to follow..

Corzine might try to cut a deal...give up some other WS biggies who are dirty...for a lesser sentence...but he's gonna do HARD time..and a lot of it..

21 posted on 11/29/2011 9:32:27 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: ken5050
At this point, is there anything that would keep him from skipping out? AFAIK, he hasn't been arrested. Has a court ordered that he surrender his passport? I got victimized in a relatively small-time scam and the first thing the perps did when the SEC started nosing around was head off to Mexico. There are any number of countries out there who would give refuge to these kinds of economic fugitives, simply as a dig to the US.
22 posted on 11/29/2011 10:02:35 AM PST by chimera
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