Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Feds: MF Global improperly moved customer money
Post Bulletin ^ | 12/29/11 | Azam Ahmedben Protess

Posted on 12/30/2011 8:22:12 AM PST by Libloather

Feds: MF Global improperly moved customer money
By Azam Ahmedben Protess
New York Times News Service
Posted: Dec 29, 2011, 7:02 am

WASHINGTON — Federal authorities investigating the demise of MF Global think that the firm began improperly moving customer money to a middleman on Oct. 27, according to people briefed on the matter.

The transfers, which indicate the brokerage firm misused client funds earlier than previously believed, represent a new line of inquiry in the hunt for more than $1 billion in missing money.

In MF Global's last days, the brokerage house was frantically winding down trades to shore up its balance sheet and stave off bankruptcy. Investigators are examining whether the firm — as part of that effort — began moving client funds to the Depository Trust & Clearing Corp., a financial intermediary responsible for closing out some of MF Global's transactions, these people say.

The new details bolster claims that MF Global was careless with customer money, regardless of the company's intentions. Authorities previously found that MF Global had used roughly $200 million of client funds to replenish an overdrawn account at JPMorgan Chase in London on Oct. 28, the last business day before the firm filed for bankruptcy.

Now, investigators are also looking at billions of dollars of transfers from MF Global to the Depository Trust & Clearing Corp., a fraction of which is believed to be customer funds. People briefed on the matter say the middleman passed some of the money to banks and other firms that traded with MF Global, which was once run by Jon S. Corzine, the former governor of New Jersey.

(Excerpt) Read more at postbulletin.com ...


TOPICS: Crime/Corruption; Extended News; Government; News/Current Events
KEYWORDS: corzine; democrats; global; mf; money; theft
So Corzine goes to prison when?
1 posted on 12/30/2011 8:22:20 AM PST by Libloather
[ Post Reply | Private Reply | View Replies]

To: Libloather
So Corzine goes to prison when?

If Corzine weren't so connected to Obama he'd already be in prison without bail as a flight risk.

2 posted on 12/30/2011 8:24:07 AM PST by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lurker

And he would be in Federal “Pound Me in the -—” Prison, not some country club prison.


3 posted on 12/30/2011 8:25:03 AM PST by dfwgator
[ Post Reply | Private Reply | To 2 | View Replies]

To: Libloather

duh really


4 posted on 12/30/2011 8:34:31 AM PST by yldstrk ( My heroes have always been cowboys)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Libloather

This is like stealing money out of bank safety deposit boxes.


5 posted on 12/30/2011 8:35:21 AM PST by wordsofearnest (Proper aim of giving is to put the recipient in a state where he no longer needs it. C.S. Lewis)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Libloather
“improperly moving customer money” and “careless with customer money”

love how the MSP tap dance around with words…………….

6 posted on 12/30/2011 8:37:37 AM PST by Lockbox (`)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Libloather

Teenage shoplifters will get more jailtime than Corzine.


7 posted on 12/30/2011 8:42:29 AM PST by Skepolitic
[ Post Reply | Private Reply | To 1 | View Replies]

To: Skepolitic
One of the most alarming things about the current regime in the US is the class solidarity at the upper levels of the kleptocracy: no one above a certain economic/political level can be held accountable for any crime because they are part of the same group network as the politicians, prosecutors and judges.

At the upper level, you have a license to steal, as long as you recognize the right of every other member of the upper class to do the same thing.

8 posted on 12/30/2011 8:55:15 AM PST by pierrem15 (Claudius: "Let all the poisons that lurk in the mud hatch out.")
[ Post Reply | Private Reply | To 7 | View Replies]

To: dfwgator

If and when he ever gets close to being indicted, he’ll off himself. He’s a typical coward lib.


9 posted on 12/30/2011 9:00:11 AM PST by liberalh8ter
[ Post Reply | Private Reply | To 3 | View Replies]

To: liberalh8ter
If and when he ever gets close to being indicted, he’ll off himself.

If he knows too much, somebody will off him.

10 posted on 12/30/2011 9:03:35 AM PST by dfwgator
[ Post Reply | Private Reply | To 9 | View Replies]

To: dfwgator

True. Others have been offed for much less.


11 posted on 12/30/2011 9:11:12 AM PST by liberalh8ter
[ Post Reply | Private Reply | To 10 | View Replies]

To: pierrem15

The federal government, after looting the Social Security trust fund for decades, discovers MF Global engaged in financial wrongdoing.


12 posted on 12/30/2011 9:40:16 AM PST by dogcaller
[ Post Reply | Private Reply | To 8 | View Replies]

To: Libloather

politically connected white collar crime is not crime in the US so what’s the big deal? It was just the little peoples money.


13 posted on 12/30/2011 9:40:45 AM PST by drypowder
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lurker
Corzine will NEVER spend even a single day in prison.

It is the democRAT way.

14 posted on 12/30/2011 9:44:10 AM PST by Drill Thrawl (The patient is too far gone to save.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Libloather

“So Corzine goes to prison when?”

Uh, never—but hussein will probably invent a czarship for him. Nothing like having one more criminal in ones administration.


15 posted on 12/30/2011 9:49:39 AM PST by freeangel ( (free speech is only good until someone else doesn't like it)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Drill Thrawl

You are correct...if anyone is stupid enough to propose he be indicted, he will get the high sign from Holder and off he goes to spend a long safe life with other Holder cohorts like Marc Rich in Switzerland.


16 posted on 12/30/2011 9:53:20 AM PST by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
[ Post Reply | Private Reply | To 14 | View Replies]

To: Libloather
Gee, where is all the press about Rat Governor/Senator Corzine being Hussein's and Plug's “go to guy” on the economy?

Recall how the journolist media tried for months to attach Ken Lay to every Republican since Abraham Lincoln.

17 posted on 12/30/2011 3:01:50 PM PST by Jacquerie (No court will save us from ourselves.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Libloather

Corzine will get one chance to win the money back at a poker game in Montenegro.


18 posted on 12/30/2011 3:14:31 PM PST by Vince Ferrer
[ Post Reply | Private Reply | To 1 | View Replies]

To: Libloather
HEADLINE: Feds: MF Global improperly moved and Corzine stole customer money

There. I fixed it.

19 posted on 12/30/2011 3:33:51 PM PST by Gritty (Liberals claim their thievery makes them the moral superior over their victims-Jack Wheeler)
[ Post Reply | Private Reply | To 1 | View Replies]

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson