Posted on 10/31/2011 6:24:44 PM PDT by reaganaut1
Federal regulators have discovered that hundreds of millions of dollars in customer money have gone missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter.
The revelation of the missing money scuttled an 11th hour deal for MF Global to sell a major part of itself to a rival brokerage firm. MF Global, the powerhouse commodities brokerage run by Jon S. Corzine, had staked its survival on completing the deal.
Now, the investigation threatens to tarnish the reputation of Mr. Corzine, the former New Jersey Governor and Goldman Sachs chief who oversaw MF Global’s demise, making it the first American victim of Europe’s debt crisis.
What began as nearly $1 billion missing had dropped to less than $700 million by late Monday. It is unclear where the money went, and some money is expected to trickle in over the coming days as the firm sorts through the bankruptcy process, the people said.
But regulators are examining whether MF Global diverted some customer money to support its own trades as the firm teetered on the brink of collapse. If that was the case, it could violate a fundamental tenet of Wall Street regulation: Customers’ money must be kept separate from company money.
(Excerpt) Read more at dealbook.nytimes.com ...
More like putting the final coat of polish on.
Bunk him with Bernie.
If the charges are proven, Corzine he may very well enjoy a few years swapping Wall Street banter with Bernie. This is a very very serious charge.
Oh dear. $700M of customer’s money. Where could it be?
Those Wall Streeters are so brainy, I’m sure they’ll find the answer.
Oh crap..........I can’t find the words for how bad this might be. In so very many ways.
Paladin2, Corzine is smarter than that, someone else will be the fall guy. One does not go from Goldman to Senator to Gov without connections and smarts.
Just the tip of the iceberg.
Making money is good. Stealing it is bad. Too many of these bankster hucksters prefer to go for the latter.
Bump
“Now, the investigation threatens to tarnish the reputation of Mr. Corzine, the former New Jersey Governor and Goldman Sachs chief ...”
So the author thinks he’s funny, no?
More like "electroplated"....shellacked is so SteamPunk.
Question for Mr. Corzine, the former New Jersey Governor: Did NJ public unions get their investments (missing 700mil)out in time?
Can’t be a crime...
Corzine is a DEMOCRAT, and Democrats can’t commit crimes like this.
Just ask anyone at the NY Times Editorial Board, MSNBC,NBC,CBS, CNN, or NPR about this!
Interesting article.
Keep your eyes on this one, boys and girls. This is going to get a lot bigger. Now begins chapter 3 of the “Decline and fall of the American Republic.”
“the investigation threatens to tarnish the reputation of Mr. Corzine, the former (DEMOCRAT) New Jersey Governor”
“What began as nearly $1 billion missing had dropped to less than $700 million by late Monday”
Gee at that rate of decline, by friday they will be in positive territory.
Nothing to see here, move on.
You won't believe how much money Jon Corzine could walk away with.....
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.