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Sun Apr 29, 2012, 03:25 PM

 

Trustee - MF Global funds all traced and investigation "substantially concluded"

http://money.cnn.com/2012/04/24/news/companies/mf-global/index.htm?hpt=hp_t3

Roughly $700 million of the missing money is now locked up with MF Global's subsidiary in the United Kingdom, where Giddens and his team are engaged in litigation to have it returned to U.S. customers. Giddens said he is "reasonably confident" that these funds will be recovered, though he added that it will be a lengthy process with no guarantee of success.

Another $220 million was transferred inadvertently from the accounts of securities customers to those of commodities customers. That money is now in limbo amid a dispute over which customers it belongs to, said Kent Jarrell, a spokesman for Giddens.

The final $680 million or so was transferred to other financial institutions with which MF Global did business, including a substantial portion that went to JPMorgan


No one "stole" the money.

6 replies, 1177 views

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Reply Trustee - MF Global funds all traced and investigation "substantially concluded" (Original post)
banned from Kos Apr 2012 OP
PoliticAverse Apr 2012 #1
banned from Kos Apr 2012 #2
dkf Apr 2012 #3
pninen Apr 2012 #4
banned from Kos Apr 2012 #5
MannyGoldstein Apr 2012 #6

Response to banned from Kos (Original post)

Sun Apr 29, 2012, 03:30 PM

1. So money was taken from customers without their authorization and they haven't gotten it back but...

it wasn't 'stolen' ?

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Response to PoliticAverse (Reply #1)

Sun Apr 29, 2012, 03:39 PM

2. That is right. Its not FDIC insured.

 

Banks lose customers deposits frequently but the FDIC is there. Every bank the FDIC closes has lost money.

Now should MFG execs there be barred from the securities industry? Absolutely.

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Response to banned from Kos (Original post)

Sun Apr 29, 2012, 04:09 PM

3. Ha! I knew JP Morgan had it.

 

And the UK laws on rehypothecation! Double ha!

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Response to banned from Kos (Original post)

Sun Apr 29, 2012, 04:11 PM

4. Someone must be held accountable

I am (and 38,000 other customers are too) a victim of MF Global.

Someone must be held accountable. The Obama administration doesn't seem interested in accountability here. I believe the reason is that Jon Corzine was such a close friend to President Obama, VP Biden, and Sec of State Clinton. This man is incredibly well connected. Here's a brief photo essay on this subject:
http://fred93mfg.blogspot.com/2012/03/well-connected-corzine.html

Will Atty General Holder tell his team to go after someone so highly connected, in an election year? He hasn't yet!

We can't expect much out of the administration. Best we can do is to fire up members of congress. Here is the contact information for influential members (ie members of the two subcommittees investigating MF Global). Call or fax or tweet them and tell them what you think.
http://fred93mfg.blogspot.com/2012/03/mf-global-victim-activists-guide.html

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Response to pninen (Reply #4)

Sun Apr 29, 2012, 04:19 PM

5. Have you recovered anything yet? The article says 70% of customer funds have been

 

returned to date.

They expect full recovery.

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Response to pninen (Reply #4)

Sun Apr 29, 2012, 04:23 PM

6. No, that did not happen to you

Didn't you read the OP?

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