Posted on 02/27/2012 9:07:09 AM PST by LyinLibs
Federal law enforcement officials investigating the implosion of MF Global are concluding that sloppy bookkeeping rather than criminal activity is to blame for the firm’s demise that resulted in more than a $1 billion of customer funds that remains missing, FOX Business Network has learned.
Though officials haven’t totally ruled out bringing a criminal case against MF Global executives, including former chief executive Jon Corzine, the odds are long that a criminal case will be filed, according to people with direct knowledge of the matter.
The evidence that law enforcement officials have gathered so far shows that the firm’s sloppy bookkeeping rather than direct criminal intent to commit fraud is at the heart of both the bankruptcy and the missing customer funds, which could total as much as $1.6 billion, these people tell FOX Business.
(Excerpt) Read more at foxbusiness.com ...
$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.
The IRS finds your tax errors were due to sloppy bookkeeping and not criminal. Thank you.
Moslems are so sloppy, they’ve been accidentally murdering people for 1,400 years.
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?
The moment ANYBODY commingles client funds with company funds, they’re breaking about 99 laws.
The feds just need to ask “Whose job was moving the money?” Then charge that person and offer them a deal if they talk.
But that will never happen b/c this goes all the way up to Corzine, then above to B. Hussein Omoslem.
This was a twofer: #1 A blow to American free markets by Omarxist, and #2 A money laundering scheme to fuel Omoslem’s campaign via his favorite bundler, Jon Corzine.
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.
Corzine was born in central Illinois to Nancy June (née Hedrick) and Roy Allen Corzine. He grew up on a small family farm in Willey Station, Illinois and near Taylorville. After completing high school at Taylorville High School, where he had been the football quarterback and basketball captain, he attended the University of Illinois at Urbana-Champaign, where he was a member of the Phi Delta Theta fraternity, and graduated in 1969, earning Phi Beta Kappa honors. While in college, he enlisted in the United States Marine Corps Reserve and served from 1969 until 1975, attaining the rank of sergeant. In 1970 he enrolled in the University of Chicago Booth School of Business, from which he received a Master of Business Administration degree in 1973.
Hmmm...... Chicago student, worked at Goldman Sachs, run a complany into the ground. And now protected by the feds.
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.
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