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 ...
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.
Good idea.
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.
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