MF Global Trustee Says $1.2 Billion or More Missing
- Posted on November 21, 2011 at 1:30pm by
Becket Adams
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WASHINGTON (AP/The Blaze) — 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.
Of course, the website Zero Hedge had predicted this days ago:
Doing some quick inverse addition and we get a (w)hole of $5.45 less $2.5 less $1.5 or $1.45 billion. In other words, the theft by MF Global was not stealing hundreds of millions from its customers: it has stolen a whopping $1.5 billion!
For those confused, this is not a rogue loss of $1.5 billion, something which was enough to send UBS’ Kweku to prison. This is outright theft resulting from illegally commingled accounts.
The trustee, James Giddens, also said in a statement Monday that his plans to release about $520 million from accounts that have been frozen will mean nearly all the assets under his control will be distributed.
Giddens has been combing through the accounts and finances of MF Global, which filed for bankruptcy protection on Oct. 31.
Regulators are investigating whether MF Global tapped money from clients’ accounts as its own financial condition worsened. That would be a violation of securities rules. The FBI is investigating whether New York-based MF Global violated any criminal laws.
MF Global was led by former New Jersey Gov. Jon Corzine. The firm collapsed after making a disastrous bet on European debt.
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.
Last week, the judge overseeing the bankruptcy proceeding approved Giddens’s request that 60 percent of the funds in about 23,300 frozen cash-only accounts be returned to customers. The money could start moving to customers before Thanksgiving, a spokesman for Giddens said.
Giddens has previously returned to customers $1.5 billion in collateral for their trading accounts with MF Global. He has a goal of eventually returning 100 percent of all funds to customers, though that could prove to be extremely difficult considering the shortfall.
Final thought from Zero Hedge: “And it goes without saying that Corzine [the former New Jersey governor and major Obama fundraiser who oversaw the firm] has not even been questioned yet.”
The Associated Press contributed to this report.
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TEARS FOR AMERICA
Posted on November 22, 2011 at 9:10amI dare say there are many a congressmen and women that can be added to the “so long, farewell” song…we could only pray that these clowns are exposed, examined and made example of.
Report Post »cyclops
Posted on November 22, 2011 at 9:00amSomeone is living an elaborate life somewhere………LOL!!!!!!!
Report Post »turkey13
Posted on November 22, 2011 at 9:56amIf a politican can’t run the Government – how can you expect them to run a business. Corzine forgot he changed jobs and just made payoffs as a normal day to day procedure.
Report Post »raderby
Posted on November 22, 2011 at 8:12amsolution for crime boss Corzine is within the title of a Clint Eastwood movie: “Hang ‘Em High” – I can hear the trap door making that awful sound now…..
Put this lying slime ball Corzine in prison, – ‘Kay? They locked up Martha Stewart for pocket change violations…… pretty sure she is a lib, too….. so what’s the prob?
Report Post »cemerius
Posted on November 22, 2011 at 8:32amI like the reference from Enemy at the Gates, “why waste time with a trial?”
Report Post »ProudTeaPartyMember
Posted on November 22, 2011 at 4:36amJail time for Jon Corzine. Bye bye, so long, farewell.
Report Post »staggerlee32
Posted on November 27, 2011 at 11:50amWon’t happen
Report Post »AnAmerican111
Posted on November 21, 2011 at 11:40pmCorzine! Just another Liberal liar and crook……………….
Report Post »Very similar to the current President Barry OBUMA!
cemerius
Posted on November 22, 2011 at 8:33ama good discription of ALL liberals!!
Report Post »RossPoldark
Posted on November 21, 2011 at 10:14pmI wonder if any of this was stolen for bailouts by Oduma to pay off his supporters who will support his and his cronies Marxist agenda? Why aren’t the OWS protesting at the root of these bail outs, and that is the white house and oduma.
Report Post »techengineer11
Posted on November 22, 2011 at 7:36amWhat do Madoff, Corzine, Bernanke, Greenspan all have in common? lol
OMG wake up people!
Report Post »burned at edges
Posted on November 22, 2011 at 8:33amMost of the people out there don’t know WHY they are out there, not to mention what is happening in current events. They might as well be chanting baaah baaah baaah.
Report Post »cemerius
Posted on November 22, 2011 at 8:34amBecause OWS is a political arm of Obama and he will use them as fodder to bash against the final person standing on the Republican side. After all, the News Media will report whatever the Obama machine tells them to report!!
Report Post »CulperGang
Posted on November 21, 2011 at 9:22pmThis IS WHY there are OWs…..this is one of the REAL REASONS for the marches..just one of them.
OCCUPY, OCCUPY until the system is purged of the criminals!!!
Report Post »Larry_Waters
Posted on November 21, 2011 at 11:30pmOWS people are/were breaking the laws too, so they need to be locked up as well as Corzine and the associated rats in the White House…
Report Post »raderby
Posted on November 22, 2011 at 8:17amyou kidding? OWS was started and financed by union bosses. Wake the uck up. Corzine is just a slimy thief, and should be jailed. If not, ask for Eric Holder and B.O. Obama’s resignations. Quite simple. OWS does nothing except promote disease and filth and promote BOO’s re-elect campaign – oh, and maybe gain more union ownership of more things that do not belong to them, like GM and Chrysler.
Report Post »Maidoff101
Posted on November 21, 2011 at 8:49pmWhy has’nt our courageous media found John Corzileone and ask Him for a statement, Did They not stalk Madoff, Kenny lay, worldcom CEO relentlessly when they were caught with their corrupt hand in the investment jar!
Report Post »sondoggie
Posted on November 21, 2011 at 6:12pmWill Corzine get the Enron treatment? Don’t hear a peep from the MSM. Yep they are packing it away int their off shore bank accounts for the time that they succeed in the destruction of our system.
Report Post »V-MAN MACE
Posted on November 21, 2011 at 7:03pmSome old troll named DashRipRock was arguing with me about Exchange Traded Funds versus tangible assets like bullion (gold, silver, etc.), I had to make the imbecile sit on the stool in the corner with the dunce cap on, and count his paper gold.
They just stole Gerald Celente’s gold, because they never had the gold to begin with to pay out.
It’s a scam just like the Federal Reserve.
There ARE NO RESERVES!!!
Your money in the bank…IS NOT THERE!!!
There isn’t even 10% of your money actually there…there used to be at least 10%, until they stopped using the “fractional reserve” tactic and just started printing paper nonstop… and lending it to the bank by pressing a button and letting the ones and zeros do their little dance over the secured banking network, so you can make your withdrawal…
Get your money out of the bank and store it in real assets, like gold, silver, or more importantly…PEOPLE!
INVEST IN HUMANS!
“Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. 20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. 21 For where your treasure is, there your heart will be also.”
Report Post »Larry_Waters
Posted on November 21, 2011 at 11:31pmI think V-Man is suggesting we invest in slavery…
Report Post »Tower7_TRUTH
Posted on November 22, 2011 at 8:07amI remember old DASH
Report Post »we had some fun with him, too bad the Blaze has banned him and Tower7femacamp.
Makes you wonder what they are afraid of….
V-MAN MACE
Posted on November 22, 2011 at 10:13amThey banned Tower7? That’s foul.
I thought for sure I would be banned before him…
Larry_Waters
Shut up and go find some more pictures of homosexuals kissing on the internet or something. Giving to people is not slavery.
Report Post »Dug2Dark
Posted on November 21, 2011 at 5:20pmNo wonder barry thought so much of corzine, the way those two go thru other people’s money. Hopefully some day these two crooks will be sharing a cell together.
Report Post »RestoreCapitalism
Posted on November 21, 2011 at 7:09pmI’m afraid we will never see justice for Obama, even though he has plotted to destroy our nation. I don’t know about Corzine, but I’m sure his partners in crime will try to get him out, as long as they can do it without getting taken down themselves. In that case, it becomes every snake for himself.
Report Post »AJAYW
Posted on November 21, 2011 at 5:18pmThis money is put away to help their cause at a later date.
Report Post »Conkuur
Posted on November 21, 2011 at 5:12pmI think Glenn is off the mark on Obama and his Cronies. I think they are in fact blowing or transferring monies to collapse the US sooner rather than later. I see the above and Solyndra and a host of others not as bad financial decisions (Jon Corzine is no Idiot lets face it) but of intentional thefts from this countries coffers. By the time anyone (If anyone even does) finds out the US will be belly up. Lets look at the above rationally why is the US (that is clearly having economic problems) not getting world wide rage when these kinda things hit the media? Why arent the average Americans not up in arms? Why the silence?
Report Post »clinker
Posted on November 21, 2011 at 5:07pmI smell a bailout right around the corner and it stinks.
Report Post »cemerius
Posted on November 22, 2011 at 8:36amSmells like the rifle range after a great day of shooting? Makes me feel thats what things are going to start “smelling like” if there is “another bailout”!!
Report Post »Penn
Posted on November 21, 2011 at 4:52pmOver the last year I have found it increasely more difficult to withdraw funds from some of my accounts at a major brokerage firm. I have been told: 1) There is missing paperwork on the account that is required before funds can be released. 2) Branch offices can no longer issue checks 3) Additional forms must be filled out because of the Patriot act,. 4) New forms are required because of Frank-Dodd, even when the account is cash only. Having been a client of this firm for over thirty years, these events are disturbing. Particularly in light of the MF GLobal fiasco.
Report Post »MF Global might be the first instance of people loosing their savings but I doubt if it will be the last or the biggest.
CulperGang
Posted on November 21, 2011 at 9:28pmYou think that is somewthing? The FEDS SIEZED Gerald Celentes assest worth about 6Mil.
http://www.youtube.com/results?search_query=infowars+gerald+celente&oq=info+wars+ge&aq=0sx&aqi=g-sx1&aql=&gs_sm=c&gs_upl=5540258l5545311l0l5548446l12l12l0l0l0l0l289l2503l1.2.8l11l0
Check out the story and interview with Celente on Infowars!! They are going after Alex J. too.
Report Post »cemerius
Posted on November 22, 2011 at 8:38amI have pulled out of EVERYTHING with the exception of some few savings bonds which will be sold as soon as they mature……Silver coins are my passion now and my savings account in my local credit union!
Report Post »13th Imam
Posted on November 21, 2011 at 4:44pmLook in the pockets of Johnnie Corzine, and his merry band of DEMOCRAT thieves.
Report Post »ps-3
Posted on November 21, 2011 at 4:29pmIs there no government insurance protection stading behind customer commodities’ accounts? Where’s the Securities Investor Protection Corporation (SIPC) for instance? Since Congress created this agency in 1970 through the end of last year,$1.6 billion has been advanced to make possible the recovery of $109.3 billion in assets for an estimated 739,000 customers. Will SIPC make current MF Global customers whole? I hope The Blaze investigates this.
Report Post »lukerw
Posted on November 21, 2011 at 4:38pmYou… your Taxes… are the Insurance!
Report Post »thegreatcarnac
Posted on November 21, 2011 at 3:52pmThis money is lost forever….in several pockets. Obama may have a few dollars of it himself.
Report Post »lukerw
Posted on November 21, 2011 at 4:39pmNice to have Friends… in High Places!
Report Post »Rayblue
Posted on November 21, 2011 at 3:49pmIf I find it I’ll let you know…
Report Post »Or not.