Regulators dig in at MF Global in money pursuit

[PoliticAverse]

Source: Reuters

WASHINGTON (Reuters) - U.S. regulators are launching a broad review into the business practices of failed futures brokerage MF Global Holdings Ltd as their hunt continues for over $600 million in missing customer money.

Round-the-clock shifts for examiners have become the norm as they sort through the collapse of the firm headed by former New Jersey Governor Jon Corzine. MF Global filed for bankruptcy on Monday after risky bets on European debt scared away clients and investors.

"We will look at every aspect of how the firm conducted business," Mary Schapiro, chairman of the U.S. Securities and Exchange Commission, told Reuters regarding the agency's review. She declined to discuss any potential action that the SEC's enforcement division may take.

...

Both SEC's Schapiro and Gary Gensler, chairman of the Commodity Futures Trading Commission, painted a picture on Thursday of close teamwork between regulators to get to the bottom of why the firm collapsed and track down the funds.

Read more: http://news.yahoo.com/sec-probes-mf-globals-statements-european-bets-report-055402192.html

[KeepItReal]

1. Shouldnt they be called coroners? "Regulators" might have prevented this collapse.

I'm just sayin...

[truedelphi]

2. This one remark proves again that

Your userid name on this board is quite apt.

:toast:

[DCKit]

5. Brilliant. I'm so going to use that. Needs to be repeated often. nt

[No Elephants]

3. Mary Schairo. *snort*

Part of the problem, to say the least. http://en.wikipedia.org/wiki/Mary_Schapiro

And was a good friend of Bernie Madoff to boot.

[Tunkamerica]

4. mf doom

[PoliticAverse]

6. Followup:: MF Global Missing Funds Said to Be Found

MF Global Holdings Inc., the bankrupt futures brokerage, has located $658.8 million in missing customer funds in a custodial account at JPMorgan Chase & Co. (JPM), according to two people with knowledge of the matter.

The account contained a total of $2.2 billion as of Oct. 31, which includes both the firm’s own money and customer funds, according to one of the people, who declined to be identified because the information is private. MF Global’s customer funds had a shortfall of $633 million, or more than 11 percent, out of a segregated fund requirement of about $5.4 billion, regulators said yesterday.

Read the rest: http://www.bloomberg.com/news/2011-11-04/mf-s-missing-client-funds-said-to-be-located-in-jpmorgan-custodial-account.html

[PoliticAverse]

7. Further followup: JPMorgan denies it has the missing funds...

http://www.cnbc.com/id/45167221