Regulators Investigating MF Global for Missing Money

Regulators Investigating MF Global for Missing Money

dealbook.nytimes.com

9:55 p.m. | Updated
Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday.

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Can you smell the corruption? Former Goldman Sachs Executive, former Senator and former Governor of New Jersey (D), Jon Corzine now sits at the head of MF Global. He hasn't been charged with any wrong doing as of yet but it seems pretty clear to me that when 700 million dollars of customer money goes missing, the boss damn sure knows about it.

dealbook.nytimes.com
(visit the link for the full news article)

reply to post by Kali74


Well... here's the rub to me....

They apparently co-mingled funds to cover their disastrous gamble on Greek, Italian, Spanish, and Portuguese debt.

With the Greeks facing a referendum on whether they should all bear the burden of the financial management of a few private and "quasi-governmental' bankers, their proverbial goose is cooking.

I suspect the money will never be 'found' as it is likely to be part of the megalithic laundering scheme behind this "gamble and call it investment" theater set up by the supranational banking cartel which almost seems to own and run the planet. Even our "glorious" leaders are beholden to their agenda to make theirs a monopoly of monetary and fiscal control.

Very good catch!

Just caught this bit on msnbc.com.

The New York-based company, MF Global, filed for bankruptcy Monday following bad bets on euro zone debt.
The discovery of the missing millions stopped a last-minute deal to sell a major part of MF Global to another brokerage firm from going ahead, The New York Times reported.

I wonder if the 9 trillion dollars missing from The Fedral Reserve (yt clip) was misallocated in the same way.

reply to post by Maxmars


It all seems to be crumbling at an increasingly rapid pace in true house of cards fashion. I think we all know who will bear the brunt of it too. Us, citizens all over the world will suffer the most for this mess.

I think the question that needs to be asked is what other Primary Dealers are in the same shape?

Bank of Nova Scotia, New York Agency
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company Inc.
J.P. Morgan Securities LLC
MF Global
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. Incorporated
Nomura Securities International Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
SG Americas Securities LLC.
UBS Securities LLC.

List of Primary Dealers

I've read that MF Global was only added to that list earlier this year. Was it a political decision due to Corzines political connections? If not was there any oversight by the Fed on how solid MF was as a company? How can a company be chosen to be a Primary Dealer and just a few short months later be bankrupt with allegations of stealing customers money?

In response to my own above question it looks like Jefferies was halted twice in trading today. They have the same Eurodebt problem as MF, and I believe they were a major counter party to MF.

In other news on this story, want to know who is currently the lead investigator? Why someone who worked side by side with Corzine at Goldman.

Regulator gave $10k to NJ Dems as Corzine ran

Gary Gensler, the regulator overseeing the investigation of Jon Corzine's collapsed securities firm, built close ties to Corzine as they rose through the ranks of Goldman Sachs. Later, they collaborated on Capitol Hill to pass an anti-corporate fraud law. When Corzine ran for New Jersey governor, Gensler gave $10,000 to the state Democratic Party, which was trying to get Corzine elected.

That really gives you confidence in the rule of law doesn't it.