Free Republic

Jon Corzine's professed ignorance of what's become of his former customers' money doesn't fly with John Roe, a leading member of the 7,000-account strong Commodity Customers Coalition, an ad-hoc group pushing for MF client funds to be released. "Ignorance is not a defense and it implies that his subordinates are at fault," says Roe, who is watching Thursday's hearing from an overflow room on Capitol Hill. "How did he run a state?"

A legal loophole in international brokerage regulations means that few, if any, clients of MF Global are likely to get their money back. Although details of the drama are still unfolding, it appears that MF Global and some of its Wall Street counterparts have been actively and aggressively circumventing U.S. securities rules at the expense (quite literally) of their clients. MF Global's bankruptcy revelations concerning missing client money suggest that funds were not inadvertently misplaced or gobbled up in MF’s dying hours, but were instead appropriated as part of a mass Wall St manipulation of brokerage rules that allowed for...

Jon Corzine will tell a House panel Thursday that he doesn't know the location of client money that went missing when MF Global failed. And he will argue that he inherited a firm doomed by the risks his predecessors took. Yet Corzine says he accepts responsibility for the firm's risky bets and says its customers' losses weigh on his mind "every day — every hour." The former U.S. senator was subpoenaed to explain how MF Global, which he led for about 20 months, collapsed into the eighth-largest bankruptcy in U.S. history and why an estimated $1.2 billion in client funds...

MF Global's missing money mystery has taken a twist after a bankruptcy trustee said the figure is double what the firm reported to regulators. James Giddens said up to $1.2 billion is missing from customer accounts at the broker, which filed for bankruptcy protection three weeks ago. He said his plans to release $520million from accounts that have been frozen will mean nearly all the assets under his control will be distributed. Court-appointed trustee Mr Giddens has been going through the accounts and finances of MF Global since it filed for bankruptcy protection. But an investigation source told the New...

The recent train bombings in India have intensified the scrutiny of the Pakistan-based, al Qaeda affiliated terrorist group, Lashkar-e-Tayyiba. In particular, one key question is being asked: What role does LET play in the war against Islamofascists and their allies? The al Qaeda-linked Wahhabi group, formed in 1989, has been blamed for a number of attacks on Indian officials and civilians. It was added to the U.S. terrorist list in December 2001. LET’s agenda, as announced in one of their pamphlets and detailed by MIPT Terrorism Knowledge Base, is to wage jihad with the goal of imposing their narrow version...