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MF Global money “vaporized”?
Hot Air ^ | January 30,2012 | Ed Morrissey

Posted on 01/30/2012 8:35:17 AM PST by Hojczyk

Nearly three months after MF Global Holdings Ltd. collapsed, officials hunting for an estimated $1.2 billion in missing customer money increasingly believe that much of it might never be recovered, according to people familiar with the investigation.

As the sprawling probe that includes regulators, criminal and congressional investigators, and court-appointed trustees grinds on, the findings so far suggest that a “significant amount” of the money could have “vaporized” as a result of chaotic trading at MF Global during the week before the company’s Oct. 31 bankruptcy filing, said a person close to the investigation.

Many officials now believe certain employees at MF Global dipped into the “customer segregated account” that the New York company was supposed to keep separate from its own assets—and then used the money to meet demands for more collateral or to unfreeze assets at banks and other counterparties as they grew more concerned about their financial exposure to MF Global.

Investigators also are examining other scenarios that have gained traction in recent weeks, such as the possibility that MF Global suffered steep losses on investments made using customer money. Officials investigating the case have looked into whether such investments were appropriate under rules at the time.

Speaking of Corzine, Congress wants more answers from his MF Global leadership team, and it looks like they’re interested in the big man himself:

Lawmakers have pushed for answers from Jon S. Corzine, the former New Jersey governor and Goldman Sachs Group Inc. chairman who led MF Global into its big European bet and was CEO when the company failed.

On Thursday, a House Financial Services subcommittee will zero in on the securities firm’s risk-management practices and the role of credit-rating firms in the collapse.

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


TOPICS: Business/Economy; Crime/Corruption; News/Current Events
KEYWORDS: corzine; joncorzine; mfglobal

1 posted on 01/30/2012 8:35:20 AM PST by Hojczyk
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To: Hojczyk

Yeah, it vaporized and then reformed to rain money into the pockets of Democrats.


2 posted on 01/30/2012 8:37:49 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: Hojczyk

My next house payment to Wells Fargo will not happen. When they call I’ll tell them “I sent it. It must have vaporized. So, please, endeavor to perservere.”


3 posted on 01/30/2012 8:41:59 AM PST by Terry Mross (We need a second party.)
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To: Hojczyk

Otherwise known as Marxist, liberal looting.


4 posted on 01/30/2012 8:44:37 AM PST by iontheball
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To: Hojczyk

Funny how the wonderous and sophisticated Dodd-Frank legislation didn’t do a damn thing to protect customer monies from being desegregated and looted.


5 posted on 01/30/2012 8:45:09 AM PST by Free Vulcan (Election 2012 - America stands or falls. No more excuses. Get involved.)
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To: iontheball

“Otherwise known as Marxist, liberal looting.”

Absolutely correct! (IMO)


6 posted on 01/30/2012 8:47:56 AM PST by mongo141
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To: Hojczyk

Your GM bonds vaporized, your home’s value vaporized, and your legally segregated futures trading account vaporized...we’re starting to make Putin’s Russia look like a bastion of contract law.


7 posted on 01/30/2012 8:48:00 AM PST by NativeNewYorker (Freepin' Jew Boy)
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To: Hojczyk

I wonder if I could rob a bank and then just tell the police that the money “vaporized”.

Would I do any jail time?


8 posted on 01/30/2012 8:48:20 AM PST by cuban leaf (Were doomed! Details at eleven.)
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To: Terry Mross

“endeavor to perservere” - Chief Dan George - The Outlaw Josey Wales


I always loved that line.


9 posted on 01/30/2012 8:50:17 AM PST by nesnah
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To: blueunicorn6

The big joke is $1.2 billion stolen and no one indicted no one help responsible. I guess you have to be a former governor and senator and the laws don’t apply to you only us common folk.


10 posted on 01/30/2012 8:51:12 AM PST by THE_RAIDER (Somewhere in Kenya a village is missing their idiot.)
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To: blueunicorn6

The big joke is $1.2 billion stolen and no one indicted no one held responsible. I guess you have to be a former governor and senator and the laws don’t apply to you only us common folk.


11 posted on 01/30/2012 8:51:47 AM PST by THE_RAIDER (Somewhere in Kenya a village is missing their idiot.)
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To: THE_RAIDER

Yup. There needs to be some serious jail time for Corzine, all who helped him in and by MF Global, and all in government who abetted him.


12 posted on 01/30/2012 8:54:22 AM PST by Belteshazzar (We are not justified by our works but by faith - De Jacob et vita beata 2 +Ambrose of Milan)
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To: Hojczyk

Vaporized = Now In George Soros’s Swiss bank account.


13 posted on 01/30/2012 8:54:38 AM PST by jimbo123
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To: Hojczyk

So vaporized now means embezzled?


14 posted on 01/30/2012 8:56:11 AM PST by struggle (http://killthegovernment.wordpress.com/)
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To: Hojczyk

Money does not just “evaporate”.Were the records destroyed or do they just not want to see where it went?I have a hunch that much of Obama’s reelection stash has a lot of this in it.....


15 posted on 01/30/2012 8:59:38 AM PST by chris_bdba
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To: cuban leaf
"Would I do any jail time?"

Only if you are a regular citizen.
That is, not a politician especially a liberal RAT.
Oh, and the jail would not vaporize. . . .

16 posted on 01/30/2012 9:13:55 AM PST by DeaconRed (Cold War Veteran. . . . US Army Security Agency 1964-1968)
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To: Hojczyk

I have some friends on-line who had money in futures accounts at MF Global. They got some of it back, but the rest of it is unaccounted for, and they keep getting more forms to fill out and more run-arounds as answers when they phone the guys who are handling the investigation.

Not much question that the futures “regulators” were not bothering to do their job.

As for Dodd-Frank, all you have to do is look at the name of the bill to know that it is another socialist crony capitalist protection bill, intended to eliminate their bothersome smaller competitors.


17 posted on 01/30/2012 9:14:18 AM PST by Cicero (Marcus Tullius)
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To: Voter#537

—Only if you are a regular citizen. —

Thanks for the advice. I’m changing my plans for lunch break.


18 posted on 01/30/2012 9:23:15 AM PST by cuban leaf (Were doomed! Details at eleven.)
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To: cuban leaf
I wonder if I could rob a bank and then just tell the police that the money “vaporized”.

Would I do any jail time?

Are you a Democrat?

19 posted on 01/30/2012 9:28:19 AM PST by Wingy (Don't blame me. I voted for the chick. I hope to do so again.)
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To: Wingy

—Are you a Democrat?—

I will be soon. THEN I can rob a bank!


20 posted on 01/30/2012 9:31:32 AM PST by cuban leaf (Were doomed! Details at eleven.)
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To: Hojczyk

So the Robber Baron does not know where the money is at??? Yeah right.

I would simply say well okay then you will go to prison for the rest of your natural life with no possibility of parole. Moreover, we are going to seize all your assets, including your homes, bank accounts, stocks, cars, boats, 401K, addition retirement money, etc.. in order to retrieve that money.

Now on the other hand if you cough up that money, then you will only go to prison for 10 years. The choice is yours.


21 posted on 01/30/2012 9:39:17 AM PST by Sprite518
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To: Hojczyk
How much you want to bet the Feds won't apply the “claw-back” rule to banks or corporations? That stupid rule only applies to individual investors.
22 posted on 01/30/2012 9:40:00 AM PST by liberalh8ter (I don't like what the world has become....)
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To: cuban leaf
"I’m changing my plans for lunch break."

Good idea.
I am thinking of becoming a politician so I can steal and get away with it too.

23 posted on 01/30/2012 9:47:29 AM PST by DeaconRed (Cold War Veteran. . . . US Army Security Agency 1964-1968)
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To: Hojczyk
I bet when NJ residents were late/failed to pay taxes, even due to econ hardship, the fmr governor absolutely destroyed them, their property, and any wealth they had - overkill just to “show them who's boss”.

Prediction - corzine will be the next Treasury Secretary when little Timmy gets the boot in January (if 0 wins reelection).

24 posted on 01/30/2012 9:52:46 AM PST by MichaelCorleone (Stop feeding the beast; only spend money with establishments that share traditional American values.)
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To: Hojczyk

Corzine designed a Ponzi scheme that would make Bernie Madoff proud.


25 posted on 01/30/2012 10:04:54 AM PST by immadashell
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To: nesnah

Me, too. I also liked “I didn’t surrender. The took my horse and made him surrender.” Or something like that.

Plus, Josey: “When I get to likin’ people they don’t stay around long.”

Chief: “I notice when get to dislikin’ someone they don’t stay around long either.”


26 posted on 01/30/2012 11:02:38 AM PST by Terry Mross (We need a second party.)
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To: Hojczyk

It’s quite informative to compare the MSM reporting of MF Global (run by Baraqqi Coalition member Corzine) and other similar incidents like Enron.


27 posted on 01/30/2012 1:55:57 PM PST by nascarnation (DEFEAT BARAQ 2012 DEPORT BARAQ 2013)
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To: blueunicorn6

Remind me again, how much was it that Obama said he had to spend in the upcoming campaign?


28 posted on 01/30/2012 2:07:43 PM PST by Chaguito
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To: blueunicorn6
wasn't there $20 billion sent to Russia several years ago that also just "vaporized"?.....

we taxpayers are such fools....

never again should we ever disparage the garbage men, the street cleaners, the plumbers, the construction workers, the hairdressers, and the cleaning maids......at least we peasants actually WORK honestly for our money....

if only the rest of us would learn to be dishonest bankers....

29 posted on 01/30/2012 10:38:31 PM PST by cherry
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To: Hojczyk

Come on, all they did was means test their clients.


30 posted on 01/30/2012 10:49:01 PM PST by Fledermaus (I can't fiddle so I'll just open a cold beer as I watch America burn.)
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