Money From MF Global Feared Gone

dafeeder · Jan 31, 2012

3 a.m.: Ramirez and Guch leave MFGI for the night. Procajlo stays until 8 p.m. the following day.
During the night, Procaljo also participated in a phone call with senior MFG employees wherein one employee indicated that

"Corzine knew about loans that had been made from the customer segregated accounts. "

CME Group has provided information about this call and related conversations, and the names of the individuals who participated, to the Department of Justice and the CFTC who are investigating these matters.

http://www.zerohedge.com/news/must-...nute-breakdown-doomed-brokers-last-week-alive

MarketMasher · Jan 31, 2012

Quote from MKTrader:

This is a good response to a recent WSJ article.

http://www.zerohedge.com/contribute...ere-not-vaporized-stanley-haar-takes-wsj-task

Two problems: (1) customers' funds were stolen and (2) bankruptcy process made no sense at all (except to protect the
JP Morgans of the world).

Really, really bad precedent is being set here. It's a travesty this isn't a huge national issue with implications for the next election.

Wow. WSJ is a real rag now....

Mission accomplished Rupert!!

Bingoking · Jan 31, 2012

Corzine was able to retrieve at least $500K of it. Don't worry, it will be put to good use.

http://www.weeklystandard.com/blogs/jon-corzine-raised-500000-obama_620781.html

clacy · Jan 31, 2012

There is no respect or fear of punishment in white collar swindles like this. People should literally hang for this. About 5-10 Investment bankers hanging from the gallows (including Corzine) would probably do more to protect retail traders than any type of crappy law that Congress could come up with.

MKTrader · Jan 31, 2012

Quote from dafeeder:

This is what's wrong with America. There are 2 sets of laws. One for the rich and 1 for the poor.

It's not that simple. The gov't has no problem going after some reasonably "rich" doctor or small business owner. It's the permanent political/bankster class that's above the law.

blackjack007 · Jan 31, 2012

Quote from dafeeder:

There are 2 sets of laws. One for the rich and 1 for the poor.

not quite. the problem is that:

(1) poor people don't know how to cover their tracks like rich people do; it was easy for the prosecution to prove that the rancher was directly responsible for the improper cattle sale, but it won't be easy to prove corzine was directly responsible for the missing funds

and (2) poor people can't afford good attorneys

Scataphagos · Jan 31, 2012

Quote from dafeeder:

"...This is what's wrong with America. There are 2 sets of laws. One for the rich and 1 for the poor.

"There's a law for you-uns and a law for we-uns... and it ain't the same law"--- Granny Hoad

dafeeder · Jan 31, 2012

Quote from blackjack007:

not quite. the problem is that:

(1) poor people don't know how to cover their tracks like rich people do; it was easy for the prosecution to prove that the rancher was directly responsible for the improper cattle sale, but it won't be easy to prove corzine was directly responsible for the missing funds

and (2) poor people can't afford good attorneys

Both attorneys worked for the Govt.

Quickless · Jan 31, 2012

You have to go back to a time when the books balanced. Doesn't seem like anyone has done this. Then you start to focus on where major changes took place. Then you focus on the transferred that brought about the change.

$1.2 billion dollars isn't something you carry around. It has to go from one account to another. There has to be an audit trail.

It may have been lost in bad trading but the term "vaporized" suggests that it just disappeared. Not so.

You don't have to look for every nickle and dime, just big changes. I would actually think it would be rather easy.

Now if the books never balanced then you have a more complex situation. Then it is like something that happened in Japan where they were hiding a big loss for years and years.

Eight · Jan 31, 2012

When Rome fell attorneys and politicians were killed off, they ceased to exist as a class. We won't miss them if it happens again I suppose...

Tens of thousands of farmers had money with MFGlobal that they need to get on with the next growing season. Watch, politically connected people will be buying up those farms while the press doesn't cover the story because it makes Democrat Senators like Corzine look bad. They are already protecting his image. I read a story in the MSM [I never touch that garbage but I was killing time in a doctor's office] that quoted him as saying something like "you wouldn't believe the f%^k up we found", supposedly the night before the story broke about the missing money. So it was just a screwup, and he didn't know about it until the last moment... and there was no source cited for the quote...