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Nothing to see here.
Let's keep gutting the banking reform law.
http://dealbook.nytimes.com/2011/10/...-mf-global/?hpFederal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday.
The recognition that money was missing scuttled at the 11th hour an agreement to sell a major part of MF Global to a rival brokerage firm. MF Global had staked its survival on completing the deal. Instead, the New York-based firm filed for bankruptcy on Monday.
Regulators are examining whether MF Global diverted some customer funds to support its own trades as the firm teetered on the brink of collapse.
Nothing to see here.
Let's keep gutting the banking reform law.
Wonder what the OWS crowd will make of this newest up.
"gutting the banking reform law."
fait accompli
oh bull
theft is theft
Romney Family Investment Group Partnered With Alleged Perpetrators Of $8 Billion Ponzi Scheme
In 2009, prosecutors announced charges against the Stanford Financial Group, which managed a portfolio of $8.5 billion, for running a “massive, ongoing fraud” against its investors. The Ponzi scheme bust was one of the largest in recent history, second only to Bernie Madoff, who perpetrated a fraud estimated to be around $17 billion. The Stanford Ponzi scheme wiped out the savings of thousands, including many Americanretirees across the country. In Texas, 1290 people lost their retirement savings because of the Stanford Ponzi scheme; in Louisiana, several hundred reportedlysuffered the same fate.
After news of the Ponzi scheme precipitated the collapse of Stanford in 2009, Taggpartnered with several of Stanford’s North Carolina executives to start a firm called Solamere Advisors. At least three prominent brokers who had worked for Stanford — Tim Bambauer, Deems May, and Brandon Phillips — joined Tagg to help run Solamere Advisors, a wealth management business located in Charlotte, North Carolina. “We are excited to be associated with such a highly capable group of financial advisors with a proven track record of meeting the needs of their clients throughout the Southeast,” said Tagg in a press release announcing Solamere Advisors, which borrows its the name from its parent company, Solamere Capital.
http://www.alternet.org/newsandviews..._ponzi_scheme/
Corzine doing what he does, tbh...
Corzine learned the criminal ropes as Goldman Sacks CEO
MF Global Admitted Using Client Money As Troubles Mounted: Official
MF Global, the failed securities firm led by Jon Corzine, admitted using clients' money as its financial troubles mounted, a federal official says.
http://www.huffingtonpost.com/2011/1...n_1069757.html
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Handslap comin soon!
The notion of egalitarianism is amongst individuals and not individuals and firms. We desperately need a cons utional amendment setting the record straight.
On the contrary. They broke the law by using customers money in their own investments.
I see jail time.
I think it was not in their own investments, but to pay their operating expenses and compensation as MF's investments went sour.
Just wait for it. In a few years, this will be resolved with a plea bargain, no admission of guilt, no compensation for the investors stolen from, and handslap for Corzine and friends.
Of course, they should all be jailed, barred from securities industry for life, and their possessions seized and sold, as is done with drug dealers and Madoff, to compensate their clients.
Congresses' fault.
In the case of thefts involving hundreds of millions to billions of dollars though, a little regulatory oversight goes a long way.
Once you are the CEO of an investment firm that the SEC calls a "massive Ponzi scheme", ain't no way any sane BOD will ever hire you again for anything beyond sweeping floors.
Queue Yoni-bot in 3, 2, 1.........
MF Global trustee says $1.2B or more missing
Giddens's office said in a statement that "the apparent shortfall" was as much as $1.2 billion or more, but noted that the figure could change...WASHINGTON (AP) — The court-appointed trustee overseeing MF Global's bankruptcy says up to $1.2 billion is missing from customer accounts, double what the firm had reported to regulators last month.
...
http://news.yahoo.com/mf-global-trus...170614376.html
Nobody from MF, certainly nobody near the top, all of whom will claim "I didn't know what was going on", will go to jail, be fined, or barred from securities. Some kind of extremely benign settlement. The money's gone, they didn't incinerate it, who got it?
Money Found in Britain May Belong to MF Global
About $200 million in customer money that vanished from MF Global is believed to have surfaced at JPMorgan Chase in Britain, according to people briefed on the matter. The discovery could be the most significant breakthrough in a monthlong hunt for the missing funds.
I'll bet they would have kept it if they could get away with it. now they are found out.
UK bankruptcy rules are different from US rules. The $20M was due to UK bank, so they have every right to keep it. Good luck trying to get it back.
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