Skip to comments.MF Global money “vaporized”?
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 companys 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 assetsand 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 theyre 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 firms risk-management practices and the role of credit-rating firms in the collapse.
(Excerpt) Read more at hotair.com ...
Yeah, it vaporized and then reformed to rain money into the pockets of Democrats.
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.”
Otherwise known as Marxist, liberal looting.
Funny how the wonderous and sophisticated Dodd-Frank legislation didn’t do a damn thing to protect customer monies from being desegregated and looted.
“Otherwise known as Marxist, liberal looting.”
Absolutely correct! (IMO)
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.
I wonder if I could rob a bank and then just tell the police that the money “vaporized”.
Would I do any jail time?
“endeavor to perservere” - Chief Dan George - The Outlaw Josey Wales
I always loved that line.
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.
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.
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.
Vaporized = Now In George Soros’s Swiss bank account.
So vaporized now means embezzled?
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.....
Only if you are a regular citizen.
That is, not a politician especially a liberal RAT.
Oh, and the jail would not vaporize. . . .
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.
—Only if you are a regular citizen. —
Thanks for the advice. I’m changing my plans for lunch break.
Would I do any jail time?
Are you a Democrat?
—Are you a Democrat?—
I will be soon. THEN I can rob a bank!
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.
I am thinking of becoming a politician so I can steal and get away with it too.
Prediction - corzine will be the next Treasury Secretary when little Timmy gets the boot in January (if 0 wins reelection).
Corzine designed a Ponzi scheme that would make Bernie Madoff proud.
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.”
It’s quite informative to compare the MSM reporting of MF Global (run by Baraqqi Coalition member Corzine) and other similar incidents like Enron.
Remind me again, how much was it that Obama said he had to spend in the upcoming campaign?
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....
Come on, all they did was means test their clients.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.