Posted on 11/18/2011 12:44:12 PM PST by Hojczyk
Nearly three weeks after $600 million in customer money went missing from MF Global, the search for the cash has been hampered by the bankrupt brokerage firm’s sloppy record-keeping, an increasingly worrisome situation that has left regulators frustrated and customers in the lurch.
The round-the-clock effort has consumed an alphabet soup of federal regulators and criminal investigators, with lawyers sleeping at open desks and each agency commandeering a different conference room at the firm’s offices. But as authorities comb through some 38,000 customer accounts, they are growing more suspicious about what went wrong at MF Global, the commodities powerhouse once run by Jon S. Corzine, the former Democratic governor of New Jersey.
“The lost money is sort of like a lost child,” said Bart Chilton, a Democratic member of the Commodity Futures Trading Commission. “Every day that passes is more and more concerning, and there’s less and less hope.”
MF Global improperly diverted customers’ cash for its own use in the days before its bankruptcy, an act that regulators believe may help explain why $600 million of customer funds remains missing, people briefed on the investigation say.
(Excerpt) Read more at hotair.com ...
If Republicans were not as stupid as a stump hole about the financial markets, they could make some SERIOUS hay with this scandal.
But the brutal truth is that Republicans *are* as stupid as a compressed lump a poop about financial markets and they have no friggin’ clue just how HUGE this MF Global scandal is.
The GOP instead would rather spin their wheels with things like CCW reciprocity, which will never even be brought up in the US Senate, much less pass with margins to withstand the inevitable veto. The GOP would rather flap their jaws about social issues while frauds and thieves like Corzine rob the country blind and collapse confidence in markets.
Morons.
Nah, that ain’t possible.
There is no way the executives of this fine company stole the money for the purpose of ensuring they, and their compatriots, got paid out before the company fell off a cliff.
Since the regulators are all RATS, the money is gone, never to be seen again.
Except in Obama’s reelection coffers.
This reminds me of a conversation I had with a guy at [company name redacted] a couple of decades ago. He said that in the heady days of their small retail company growing phenomenally, sometimes one of the owners wives would stumble into the main store with traces of coke under her nose and open the cash register, take out a wad of cash, and leave.
Obama did say that he was going to have a billion dollar war chest to go into 2012.
—But the brutal truth is that Republicans *are* as stupid as a compressed lump a poop—
I don’t think it is all that compressed.
Whoever authorized the transaction should be squeezed VERY hard. If he did it on orders from above, let’s find out.
Compressed poop is supposedly a sign of healthy poop.
Guess Corzine was filthy corrupt, seems everyone already knew he was a finacial idiot.
Or they've got some skeletons of their own in that closet.
“Except in Obama’s reelection coffers.”
Exactly.
My understanding is that MF raided the segregated accounts of their customers to cover losses overseas, possibly Europe.
As big a scandal as the Fed covering the possible losses of massive silver shorts for JPM and HSBC.
Corzine is too well-connected and too Communist to be held accountable for this, so don’t hold your breath.
MF’ers
In the case of MF, if you chase the lineage of the firm back through Refco, there’s a Democrat meddling in the laws and regs allowing the firm to get away with all manner of stuff clear back to LBJ.
As I said, if the Republicans were not stump-hole-stupid, the issue of MF Global in specifics is a GOLD MINE for scandal-mongering.
But the GOP is too stupid. They don’t even know what an “introducing broker is.” They don’t know what a “margin account” is. They don’t know what “segregation” means, and so on.
On and on and on. The ignorance of the GOP on the financial markets, money flows, banking, investments, etc... is astounding. The Republican base should demand more out of the Republican party, starting with “Mr/Ms Candidate, Do you know your ass from a hot rock about financial markets? Do you know what is wrong with the banking system? (and you’d better not answer “The CRA”)
Screw it. I could go on a rant for weeks about this. I have snow to push around.
Are the words missing and stolen the same in this silly political world?
There are days I'd settle for a Republican that could just give me the proper definition of a republic.
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