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Forum Post: Federal Regulators have Discovered that Hundreds of Millions of Dollars in Customer Money have Gone Missing from MF Global in Recent Days

Posted 3 years ago on Nov. 1, 2011, 7:10 p.m. EST by MonetizingDiscontent (1257)
This content is user submitted and not an official statement

Regulators Investigating MF Global For $700 Million In Missing Client Funds - Was It Stolen By Management?

http://dailybail.com/home/regulators-investigating-mf-global-for-700-million-in-missin.html

http://www.zerohedge.com/news/someone-going-jail-mf-global-caught-stealing-hundreds-millions-customers


Heart Stopping News: MF Global did Not Separate Customer Accounts:

http://www.reuters.com/article/2011/11/01/us-cme-mf-idUSTRE7A02WJ20111101

(Reuters) - MF Global Holdings Ltd, the futures broker that filed for bankruptcy protection on Monday, did not separate its customers' accounts from the firm's funds as required by law, its main exchange regulator said on Tuesday.

"CME has determined MF Global is not in compliance with Commodity Futures Trading Commission and CME customer segregation requirements," CME Group Inc Chief Executive Craig Donohue said. Futures brokers must keep customer accounts separate from each other and from the firm's own money.

Donohue said CME is looking into exactly what happened at MF Global.


-Liquidity Scramble Begins In MF Commingling Aftermath-

http://www.zerohedge.com/news/liquidity-scramble-begins-mf-commingling-aftermath 11/01/2011

(ZeroHedge) When sharing our perspective last night on why the alleged MF Global crime of commingling client capital with the firm's deficiency capital we asked, "What happens next? Why customers at all other brokerages, all other exchanges, afraid that their money will suffer the same fate as MF, even if they transact with perfect solvent clearers and agents, will proceed to pull their money, as they know they have nobody to trust but their own prudent and forward looking actions. Which in turn will start the kind of liquidity drain that killed not only Lehman, but froze money markets, and with that brought the complete capital markets to a standstill, only to be thawed after the Fed pledged multiples of the US GDP to rescue Wall Street in October of 2008."

Sure enough, here it comes. "Reports of short falls of client money ... if true would be a disaster for all the smaller brokers and banks as nobody will trust them anymore," one London trader said. Reuters continues "MF Global filed for bankruptcy protection on Monday, putting a sudden end to Corzine's drive to transform the more than 200-year old MF Global into a mini Goldman by taking on more risky bets on euro zone sovereign debt. In Australia, trading in grain futures and options was suspended by bourse operator ASX Ltd , prompting concerns about the integrity of the country's agricultural futures market. "We're sitting out here with risk that we can't cover," said Jonathan Barratt, head of Sydney-based Commodity Broking Services. MF Global was one of the largest participants in the country's agricultural futures market. And it is all only going to get worse as the liquidity outflow avalanche is realized, following the market's most recent distraction with Europe.

http://www.zerohedge.com/news/liquidity-scramble-begins-mf-commingling-aftermath


How Former Goldman CEO And NJ Governor Jon Corzine Ran MF Global Into The Ground

http://dailybail.com/home/how-former-goldman-ceo-and-nj-governor-jon-corzine-ran-mf-gl.html


-Clients scramble for money after MF Global shock-

http://www.reuters.com/article/2011/11/01/mfglobal-exchanges-idUSL5E7M12NY20111101


BREAKING -MF Global Admits Using Client Money-

http://dailybail.com/home/breaking-mf-global-admits-using-client-money.html

This is not looking good for former New Jersey Senator and Governor, and previously Goldman Sachs CEO Jon Corzine. More than $700 million of supposedly safeguarded client funds were stolen by MF Global to support besieged trading positions. Jon Corzine should go to prison. If Corzine escapes without a Federal ID number and associated orange jumpsuit due to fundraising ties with Obama and Eric Holder, then the game is over.


-Regulators Investigating MF Global for Missing Money-

http://dealbook.nytimes.com/2011/10/31/regulators-investigating-mf-global/?hp

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.

The recognition that money was missing scuttled at the 11th hour an agreement to sell a major part of MF Global to a rival brokerage firm. MF Global had staked its survival on completing the deal. Instead, the New York-based firm filed for bankruptcy on Monday.

Regulators are examining whether MF Global diverted some customer funds to support its own trades as the firm teetered on the brink of collapse.


-MF Global is first big US victim of Europe crisis-

http://finance.yahoo.com/news/MF-Global-is-first-big-US-apf-590521534.html?x=0&sec=topStories&pos=3&asset=&ccode=&cmtnav=/mwphucmtgetnojspage/headcontent/main/590521534/date/asc/1/0

25 Comments

25 Comments


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[-] 1 points by Middleaged (5140) 2 years ago

The Honorable Jon Corzine. LOL hypothecated & Rehypothecated Accounts - means the Broker takes your money and invests it 'How Ever He Wants'. MF Global didn't pay the money back, and Now we don't know if we have Integrity in the Markets and in our brokers. Listen to Ann Barnhardt, Warren Pollock, Max Keiser. The 1% don't care about farmer's money at the CME.

Doom & Gloom, maybe ...

US Markets are Private Corporations and they have set a precedent that they are no longer guarenteeing integrity of the Institutions.

http://www.youtube.com/watch?v=hGl3QPfB084&noredirect=1 (Ann Barnhardt and Warren Pollock)

Chicago Mercantile, Futures Exchange, American Stock Exchange (AMEX), New York Stock Exchange (NYSE), Chicago Stock Exchange ( ), NASDAQ Stock Exchange (NASDAQ),

Stock exchanges originated as mutual organizations, owned by its member stock brokers. There has been a recent trend for stock exchanges to demutualize, where the members sell their shares in an initial public offering. In this way the mutual organization becomes a corporation, with shares that are listed on a stock exchange. Examples are Australian Securities Exchange (1998), Euronext (merged with New York Stock Exchange), NASDAQ (2002), the New York Stock Exchange (2005), Bolsas y Mercados Españoles, and the São Paulo Stock Exchange (2007). The Shenzhen and Shanghai stock exchanges can been characterized as quasi-state institutions insofar as they were created by government bodies in China and their leading personnel are directly appointed by the China Securities Regulatory Commission.

http://www.youtube.com/watch?v=caDp_JElygM&feature=related (Ann Barnhardt)

http://en.wikipedia.org/wiki/Stock_exchange

http://en.wikipedia.org/wiki/Commodities_exchange

A commodities exchange is an exchange where various commodities and derivatives products are traded. Most commodity markets across the world trade in agricultural products and other raw materials (like wheat, barley, sugar, maize, cotton, cocoa, coffee, milk products, pork bellies, oil, metals, etc.) and contracts based on them. These contracts can include spot prices, forwards, futures and options on futures. Other sophisticated products may include interest rates, environmental instruments, swaps, or ocean freight contracts.

Commodities exchanges usually trade futures contracts on commodities, such as trading contracts to receive something, say corn, in a certain month. A farmer raising corn can sell a future contract on his corn, which will not be harvested for several months, and guarantee the price he will be paid when he delivers; a breakfast cereal producer buys the contract now and guarantees the price will not go up when it is delivered. This protects the farmer from price drops and the buyer from price rises.

Speculators and investors also buy and sell the futures contracts in attempt to make a profit and provide liquidity to the system. However, due to the leverage provided by the exchange to traders those participating in commodity futures trading face substantial amounts of speculative risk.[1]

Exchange
Abbreviation
Location
Product Types

Chicago Board of Trade (CME Group) (CBOT) Chicago, Grains, Ethanol, Treasuries, Equity Index, Metals

** Chicago Mercantile Exchange (CME Group) (CME) Chicago, Meats, Currencies, Eurodollars, Equity Index

Chicago Climate Exchange (CCX) Chicago, Emissions

HedgeStreet Exchange California, Energy, industrial Metals

HoustonStreet Exchange New Hampshire, Crude Oil, Distillates

Intercontinental Exchange (ICE) Atlanta, Georgia, Energy, Emissions, Agricultural, Biofuels

Kansas City Board of Trade (KCBT) Kansas City, Agricultural

Memphis Cotton Exchange Memphis, Agricultural

Minneapolis Grain Exchange (MGEX) Minneapolis Agricultural

Nadex Exchange Chicago, Energy, industrial Metals

** New York Mercantile Exchange (CME Group) (NYMEX) New York, Energy, Precious Metals, Industrial Metals

** U.S. Futures Exchange USFE Chicago, Energy

** International Monetary Market (IMM), Chicago

** Index and Option Market (IOM) Chicago

** Growth and Emerging Markets (GEM) Chicago

http://financial-dictionary.thefreedictionary.com/hypothecate

http://www.safehaven.com/article/23634/mf-global-and-re-hypothecation

http://en.wikipedia.org/wiki/Futures_exchange

http://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission

http://www.investopedia.com/terms/h/hypothecation.asp#axzz1uCtYOmyt

[-] 1 points by hchc (3297) from Tampa, FL 2 years ago

4 years since the meltdown and still no one is in serious trouble, no one of importance at least. The shit is still happening. Nothing has changed.

Life will continue to get worse, and there is nothing your two pathetic parties are going to do to stop it.

[-] 1 points by hchc (3297) from Tampa, FL 2 years ago

6 months later and still no one is being thrown in jail for this. Nothing has changed. We are just further in debt, with higher unemployment, and they are still ripping us off.

[-] 1 points by MonetizingDiscontent (1257) 3 years ago

::::::::CME Knew of MF Global Fund Shortfall Before CFTC Regulators?::::::::

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/11/16/bloomberg_articlesLUQ7FP0YHQ0X.DTL#ixzz1dtKYNyvR

Only days prior to the zombie financial broker that filed for bankruptcy, MF Global conducted “unexplained wire transfers” that brought on a $900 million shortfall in client funds. Customers like Gerald Celente learned that their accounts had been robbed. This is setting a precedent for -internal- bank runs as more big firms begin to go under.

This from BLOOMBERG: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/11/16/bloomberg_articlesLUQ7FP0YHQ0X.DTL ...“Examiners from CME Group Inc., the world’s largest futures exchange, found unexplained wire transfers at MF Global Inc. and a $900 million shortfall in client funds during the weekend the failing broker was talking with possible buyers, a person briefed on the matter said.”

On October 30th the CME had noticed these funds were missing, yet MF Global didn’t bother to inform the Commodity Futures Trading Commission until the following day after, which suggests that these transfers were made, “in a manner that may have been designed to avoid detection,” according to CME.


[-] 1 points by MonetizingDiscontent (1257) 3 years ago

::::::::The Koch Brothers and MF Global - Friends to the End::::::::

http://www.huffingtonpost.com/daniel-dicker/the-koch-brothers-and-mf-_b_1089906.html

“Both the Commodity Futures Trading Commission and the Chicago Mercantile Exchange were charged with overseeing MF Global, their clearing member. If we are to believe them, they had no idea of any difficulties within the firm before customer accounts went missing just a few days before the collapse. But someone clearly knew of the cratering positions and imminent collapse of MF Global, as billions of dollars of accounts were “coincidentally” withdrawn. And what do the Koch brothers say was the reason for these withdrawals? There's been no comment.”

::::::::Continue reading this article at::::::::

http://www.huffingtonpost.com/daniel-dicker/the-koch-brothers-and-mf-_b_1089906.html


[-] 1 points by MonetizingDiscontent (1257) 3 years ago

::::::::MF Global Clients: Few Options to Reach Cash::::::::

http://www.bloomberg.com/news/2011-11-11/mf-global-clients-frustrated-as-bankruptcy-keeps-assets-and-options-frozen.html

(BLOOMBERG) Ted Monjure, a 48-year-old Manhattan... http://topics.bloomberg.com/manhattan/ ...trader who has $27,252 frozen in a former MF Global Inc. account, said he’s considering pulling his money out of his three other trading accounts.

“I’m a high net-worth person, and I don’t want to see $1 million get smoked by another misunderstanding,” Monjure said, recounting how he had thought the Securities Investor Protection Corp. covered any losses due to a meltdown such as the one at MF Global. He’s now been told SIPC may not cover the money because it was in a futures account while he faces months of uncertainty as he files a claim seeking recoveries.

Monjure is one of many MF Global customers who can’t access cash from segregated accounts they once thought were as safe and accessible as bank deposits. http://topics.bloomberg.com/bank-deposits/ ...Frustrated by a lack of legal options to reclaim frozen funds and dead-end inquiries to call centers and hotlines since MF Global’s Oct. 31 bankruptcy, many aren’t able to trade and say they’ve lost faith in retail brokerages and the regulatory system.

More than 150,000 customer accounts were frozen Oct. 31, with $5.45 billion affected, the day after a unit of the New York-based brokerage reported a “material shortfall” in customer funds that are required to be segregated under rules of the U.S. Commodity Futures Trading Commission.

Collapse

MF Global listed $39.7 billion in debt and $41 billion in assets and said it has about $26 million in cash in its Oct. 31 bankruptcy filing. Jon Corzine... http://topics.bloomberg.com/jon-corzine/ ...the former co-chief executive officer of Goldman Sachs Group Inc. (GS) http://www.bloomberg.com/apps/quote?ticker=GS:US ...quit as MF Global’s CEO on Nov. 4. CFTC Chairman Gary Gensler... http://topics.bloomberg.com/gary-gensler/ ...has recused himself from the agency’s investigation.

About $593 million of MF customer funds are unaccounted for, according to a person with knowledge of regulatory probes of the firm’s collapse.

While the brokerage’s parent, MF Global Holdings Inc., filed for bankruptcy to apportion returns to creditors, a trustee, James W. Giddens, took over to liquidate the brokerage under SIPC.

SIPC is a private, government-sponsored company that insures brokerage accounts for up to $500,000 in securities, as much as $250,000 of which may be in cash, in case the brokerage goes bankrupt. While SIPC covers losses in stocks and bonds, it doesn’t cover commodity futures contracts unless defined as specific property under certain conditions...

::::::::Continue Reading the rest of this story Here::::::::

http://www.bloomberg.com/news/2011-11-11/mf-global-clients-frustrated-as-bankruptcy-keeps-assets-and-options-frozen.html


[-] 1 points by MonetizingDiscontent (1257) 3 years ago

::::::::MF Global Liquidation - Everyone Gone!::::::::

http://www.zerohedge.com/news/mf-global-liquidation-everyone-gone

Headlines via Bloomberg for now:

*MF GLOBAL'S 1,066 EMPLOYEES HAVE BEEN FIRED, TRUSTEE SAYS

MF GLOBAL EMPLOYEES LOSE JOBS AS BROKER LIQUIDATES :MFGLQ US

*MF GLOBAL TRUSTEE TO HIRE UP TO 200 PEOPLE TO AID LIQUIDATION

::::::::Full Statement from the Trustee, at::::::::

http://www.zerohedge.com/news/mf-global-liquidation-everyone-gone

[-] 1 points by MonetizingDiscontent (1257) 3 years ago

::::::::::::MF Global and ‘Peek-a-Boo’ Accounting::::::::::::

http://maxkeiser.com/2011/11/10/mf-global-and-peek-a-boo-accounting/


::::::::::::MF Missing Funds May Be ‘Massive’ Ploy: Chilton::::::::::::

http://www.bloomberg.com/news/2011-11-10/mf-global-missing-funds-may-be-part-of-massive-ploy-cftc-s-chilton-says.html

The $593 million shortfall in client money at MF Global Holdings Ltd., the broker that filed for bankruptcy on Oct. 31, appears to result from a “massive hide- and-seek ploy,” Bart Chilton, a commissioner at the U.S. Commodity Futures Trading Commission, said today.


[-] 1 points by MonetizingDiscontent (1257) 3 years ago

SEC Opens Investigation Into MF Global Insider Trading, Ignores Glaring Evidence Of Client Capital Commingling

http://www.zerohedge.com/news/sec-opens-investigation-mf-global-insider-trading-ignores-glaring-evidence-client-capital-commi


::::::::As Repeatedly Warned, Quarter End Window Dressing Key Factor In MF Global's Demise::::::::

http://www.zerohedge.com/news/repeatedly-warned-quarter-end-window-dressing-key-factor-mf-globals-demise


::::::::Jon Corzine Resigns From MF Global, Will Not Collect Severance::::::::

http://www.zerohedge.com/news/jon-corzine-resigns-mf-global-will-not-collect-severance


[-] 1 points by MonetizingDiscontent (1257) 3 years ago

Here Comes The Politicization Of MF Global: Former Goldmanite Gensler Says MF Failure Example Of "Freedom To Fail"

http://www.zerohedge.com/news/here-comes-politicization-mf-global-former-goldmanite-gensler-says-mf-failure-example-freedom-f

We find it supremely ironic that one former Goldmanite, in this case the CFTC's Gary Gensler, takes credit (doing the people's work this time?) for allowing the failure of what is now a documented criminal enterprise, MF Global, run by another former Goldmanite, Jon Corzine, and claiming this was nothing less than an example of "Freedom To Fail".

The NYT quotes Gensler: "This was an example of a financial institution having the freedom to fail,” he said in response to questioning from Senator Carl Levin, the Michigan Democrat who chairs the Permanent Subcommittee on Investigations. “I don’t think there’s any taxpayer money behind this.”"

No, Gary, there is just client money behind this. Anywhere between $700 million and $1.5 billion. Money that was stolen, and had MF global been bailed out, you, the CFTC and the US Government would have been complicit in a prima facie felony. So please - no need for the pathetic pandering to the lowest common denominator that only years of Goldman tenure can hone to this level of perfection.

The only question is whether the CFTC, together with that other corrupt regulator which oddly enough is not yet run by a third Goldman alum, has the "freedom to jail."

Continue Reading the rest of this article Here:

http://www.zerohedge.com/news/here-comes-politicization-mf-global-former-goldmanite-gensler-says-mf-failure-example-freedom-f


[-] 1 points by MonetizingDiscontent (1257) 3 years ago

::::::::::::MF Global Client Theft Estimate Doubled To $1.5 Billion?::::::::::::

http://www.zerohedge.com/news/mf-global-client-theft-estimate-doubled-15-billion

Even as we hear rumblings that the MF fire is spreading, and the associated auditor of the now infamous former Primary Dealer is about to get in serious hot water, the bankrupt company itself continues to dig itself an ever deeper grave. Because according to a just filed motion by the MF Global liquidating trustee, it seems that the gross criminal activity by the company may have been orders of magnitude bigger than anyone has expected.

To wit: "As a result of the apparent segregation violations and the suspension of clearing privileges, more than 150,000 customer accounts essentially were frozen on October 31, 2011, of which more than 50,000 accounts were regulated commodities customer accounts.

The CME estimates that MFGI’s current segregated funds requirement is approximately $5.45 billion. Moreover, the total amount of MFGI customer segregated funds on deposit at the CME is approximately $2.5 billion, and the clearing-level segregated collateral is approximately $1.5 billion or approximately 60 percent of the MFGI customer segregated funds on deposit at the CME."

Doing some quick inverse addition and we get a (w)hole of $5.45 less $2.5 less $1.5 or $1.45 billion. In other words, the theft by MF Global was not stealing hunderds of millions form its customers: it has stolen a whopping $1.5 billion!

For those confused, this is not a rogue loss of $1.5 billion, something which was enough to send UBS' Kweku to prison. This is outright theft resulting from illegally commingled accounts. Our only question is will $1.5 billion in theft be enough for the first real perp walk of an Obama-friendly Wall Street executive?

And here is Reuters with a revised lowball. Remember this number was supposed to be zero earlier today. (link below)

Continue Reading at: http://www.zerohedge.com/news/mf-global-client-theft-estimate-doubled-15-billion

When all is said and done, the shortfall will be well over a billion.


[-] 1 points by MonetizingDiscontent (1257) 3 years ago

::::::::The Inside Story Of What Brought Down MF Global::::::::

http://www.zerohedge.com/news/inside-story-what-brought-down-mf-global

Now that the affdavit of MF Global COO Bradley Abelow has been filed, we finally get the (partial and quite watered down) inside scoop of just what the events were that brought the company to its knees, and what specifically were the precipitating catalysts that ultimately led to the Halloween massacre. The relevant part begins with section E, paragraph 33, on page 13. "As a global financial services firm, MF Global is materially affected by conditions in the global financial markets and worldwide economic conditions. On September 1, 2011, MF Holdings announced that FINRA informed it that its regulated U.S. operating subsidiary, MFGI, was required to modify its capital treatment of certain repurchase transactions to maturity collateralized with European sovereign debt and thus increase its required net capital pursuant to SEC Rule 15c3-1. MFGI increased its required net capital to comply with FINRA’s requirement...."

::::::::Read the rest of this article at::::::::

http://www.zerohedge.com/news/inside-story-what-brought-down-mf-global

::::::::Full affidavit (pdf)::::::::

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/10/9.pdf


[-] 0 points by RichardGates (1529) from Fort Walton Beach, FL 3 years ago

hardly matters. the real impact they tried to ignore is taking place as we speak. hold on tight.

the base issue is the erosion of the foundation. the foundation of capitalism is demand. they spent a long time pretending you could actually have a supply based economy. it's like buying a car and telling the salesman to take off the tires before you drive off the lot. you may have a really exciting ride for a few miles, but then you will come to a screeching halt.

[-] 1 points by MonetizingDiscontent (1257) 3 years ago

nods, agreed... Hard winds of change are blowing, and we have lost our production base. Im long flashlights and batteries. This next year is going to be a head spinner. (The next few months, even)

Good to meet you RichardGates

[-] 0 points by RichardGates (1529) from Fort Walton Beach, FL 3 years ago

likewise :)

[-] 1 points by MonetizingDiscontent (1257) 3 years ago

Lawyer Tells Bankruptcy Judge: All MF Global Funds Accounted For, Held by Brokerage

http://dailybail.com/home/lawyer-tells-bankruptcy-judge-all-mf-global-funds-accounted.html

[-] 1 points by MonetizingDiscontent (1257) 3 years ago

Someone Is Going To Jail For This: MF Global Caught Stealing Hundreds Of Millions From Customers?

http://www.zerohedge.com/news/someone-going-jail-mf-global-caught-stealing-hundreds-millions-customers


[-] 1 points by MonetizingDiscontent (1257) 3 years ago

::::::::Liquidity Scramble Begins In MF Commingling Aftermath::::::::

http://www.zerohedge.com/news/liquidity-scramble-begins-mf-commingling-aftermath

(ZeroHedge) When sharing our perspective last night on why the alleged MF Global crime of commingling client capital with the firm's deficiency capital we asked, "What happens next? Why customers at all other brokerages, all other exchanges, afraid that their money will suffer the same fate as MF, even if they transact with perfect solvent clearers and agents, will proceed to pull their money, as they know they have nobody to trust but their own prudent and forward looking actions. Which in turn will start the kind of liquidity drain that killed not only Lehman, but froze money markets, and with that brought the complete capital markets to a standstill, only to be thawed after the Fed pledged multiples of the US GDP to rescue Wall Street in October of 2008."

Sure enough, here it comes. "Reports of short falls of client money ... if true would be a disaster for all the smaller brokers and banks as nobody will trust them anymore," one London trader said. Reuters continues "MF Global filed for bankruptcy protection on Monday, putting a sudden end to Corzine's drive to transform the more than 200-year old MF Global into a mini Goldman by taking on more risky bets on euro zone sovereign debt. In Australia, trading in grain futures and options was suspended by bourse operator ASX Ltd , prompting concerns about the integrity of the country's agricultural futures market. "We're sitting out here with risk that we can't cover," said Jonathan Barratt, head of Sydney-based Commodity Broking Services. MF Global was one of the largest participants in the country's agricultural futures market. And it is all only going to get worse as the liquidity outflow avalanche is realized, following the market's most recent distraction with Europe.

http://www.zerohedge.com/news/liquidity-scramble-begins-mf-commingling-aftermath

[-] 1 points by MonetizingDiscontent (1257) 3 years ago

:::::Heart Stopping News: MF Global did Not Separate Customer Accounts:::::

http://www.reuters.com/article/2011/11/01/us-cme-mf-idUSTRE7A02WJ20111101

(Reuters) - MF Global Holdings Ltd, the futures broker that filed for bankruptcy protection on Monday, did not separate its customers' accounts from the firm's funds as required by law, its main exchange regulator said on Tuesday.

"CME has determined MF Global is not in compliance with Commodity Futures Trading Commission and CME customer segregation requirements," CME Group Inc Chief Executive Craig Donohue said. Futures brokers must keep customer accounts separate from each other and from the firm's own money.

Donohue said CME is looking into exactly what happened at MF Global.


[-] 1 points by MonetizingDiscontent (1257) 3 years ago

::::::::Regulators Investigating MF Global for Missing Money::::::::

http://dealbook.nytimes.com/2011/10/31/regulators-investigating-mf-global/?hp

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.

The recognition that money was missing scuttled at the 11th hour an agreement to sell a major part of MF Global to a rival brokerage firm. MF Global had staked its survival on completing the deal. Instead, the New York-based firm filed for bankruptcy on Monday.

Regulators are examining whether MF Global diverted some customer funds to support its own trades as the firm teetered on the brink of collapse.

[-] 1 points by ModestCapitalist (2342) 3 years ago

If this is true, it was no accident. Just more greedy fingers in the pot and sold out leaders to cover it up.

[-] 1 points by MonetizingDiscontent (1257) 3 years ago

Hi ModestCapitalist ...yep... for sure, its true. Here's more background on it, from an earlier post I made this morning. (Tons of Links)

Someone Is Going To Jail For This: MF Global Caught Stealing Hundreds Of Millions From Customers?

http://occupywallst.org/forum/someone-is-going-to-jail-for-this-mf-global-caught/#comment-258581

[-] 1 points by Idaltu (662) 3 years ago

Sure, someone, a fall guy or woman, will go to jail. And paid to take the rap. Then it is business as usual. But maybe this time the entire corrupt system around the world will be put in jail...well it is wishful thinking...but hell I can dream, right?

[-] 1 points by MonetizingDiscontent (1257) 3 years ago

It Can Happen, Not Just a Dream..


::::::::::::Bill Black @ #occupywallstreet - Discussing Arresting Banksters::::::::::::

http://www.youtube.com/watch?v=4XJe7O-3QBc&feature=player_embedded


:::::::William Black: Not With A Bang, But A Whimper: Bank Of America’s Derivatives Death Rattle:::::::

http://dailybail.com/home/william-black-not-with-a-bang-but-a-whimper-bank-of-americas.html


:::::Former Financial Regulator William Black: Occupy Wall Street A Counter to White-Collar Fraud:::::

http://www.youtube.com/watch?v=zq-sO_uNaFw

(DemocracyNow!) Amy Goodman interviews William Black, a white-collar criminologist, former financial regulator, and author of "The Best Way to Rob a Bank is to Own One." Black teaches economics and law at the University of Missouri-Kansas City and recently took part in Occupy Kansas City.