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 ...
If Corzine weren't so connected to Obama he'd already be in prison without bail as a flight risk.
And he would be in Federal “Pound Me in the -—” Prison, not some country club prison.
duh really
This is like stealing money out of bank safety deposit boxes.
love how the MSP tap dance around with words
.
Teenage shoplifters will get more jailtime than Corzine.
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.
If and when he ever gets close to being indicted, he’ll off himself. He’s a typical coward lib.
If he knows too much, somebody will off him.
True. Others have been offed for much less.
The federal government, after looting the Social Security trust fund for decades, discovers MF Global engaged in financial wrongdoing.
politically connected white collar crime is not crime in the US so what’s the big deal? It was just the little peoples money.
It is the democRAT way.
“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.
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.
Recall how the journolist media tried for months to attach Ken Lay to every Republican since Abraham Lincoln.
Corzine will get one chance to win the money back at a poker game in Montenegro.
There. I fixed it.
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