Posted on 11/21/2011 8:50:41 AM PST by quesney
The court-appointed trustee overseeing the liquidation of MF Global’s brokerage now estimates that the shortfall in the firm’s customer funds could be more than $1.2 billion, double previous estimates.
(Excerpt) Read more at dealbook.nytimes.com ...
Re your post 31: That’s exactly what I think happened, too. They tried to cover what they hoped was a temporary margine fund with customer cash. What part of “segregated funds” didn’t Corzine and his underlings not understand?
They really need to take these financier terrorists who steal billions of other peoples money (including taxpayers) and put them in front of a firing squad, instead of dealing with them judiciously with kid gloves and fancy prisons. The level of these thefts should require capital punishment.
The policy should have been implemented starting in 2008 with Madoff and then moved on to the many others. It would put an end this financial thievery and skullduggery.
The Ferengi Rules Of Acquisition from Star Trek -
I like that, and it certainly applies.
Anyone told The Messiah that this outfit is jut too big to fail?
Thanks..did you see my #20 to you...how I think it went down?
Do you actually know that, or is it wishful thinking on your part?
(If the latter, I'm wishing too)
Bigger question: "Will he ever be indicted? Or even banned from the Securities industry?".
-————other people’s kids’ college money.——
Well, not exactly. The gambler does not have access or signatory authority to other kids college money.
He is however able to co mingle the money in his kid’ s with his own family general account.
The MF’ers co mingled customer money over which they had signatory authority with MF general funds. Lawyers co mingle trust money a lot and many get caught at it
You have to realize..Corzin was stupid...really stupid..he never in his dreams thought that he couldn't fix this in a few days, save his positions and the firm, and return the money back to the account. He acted on impulse, never considered the consequences...and never concealed his actions. I'd even wager that the clerks, the back office people who did the actual transfers, asked for email instructions..
Corzine has been quieter than even Madoff ( after he was arrested..) not a good sign, normally..he's in deep doo-doo..and he will be thrown under the bus....unless he has enough dirt on Obama, to force a pardon from Obama after he is defeated next November...
It sounds plausible. One other possibility is that Corzine delegated a lot, and the fund transfer came from below from detail people afraid of him after they carried out his top-level instructions on the bonds. "What--we lost money because you bought THOSE Italian bonds? I'll have your head!"
Even if that's not what happened, I wouldn't be surprised if it becomes the defense story.
And what else floats?
To give him time to flee to a safe haven? (Has his passport even been seized yet? But then, his type probably doesn't need a passport to leave the country...)
From the comments:
I never read a story reporting that “due to a rapid withdrawal by armed men with masks, the bank has a shortfall of $100,000 in its cash drawer”
Or the bank opened 1000 customer safe deposit boxes which were surprisingly found to be empty. This shortfall is being investigated.
or The valet parking lot reported that 5000 cars could not be located. The shortfall is being investigated.
Larceny is the correct term.
I just wish I could afford the hit to jump out of the market. Oh well, I never counted on the 401K lasting past the Boomers anyway.
Report: Occupy Wall Street Protesters Bunk in $700-a-Night NYC Hotel
These slimeballs are all tied together.
It is almost as if they know the system is going down across the board, steal it now.
Talk about a winning split.
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