All MF Global funds accounted for --- sorry, you folks who wanted Corzine's head

[banned from Kos]

http://www.bloomberg.com/news/2011-11-01/all-mf-global-funds-are-accounted-for-lawyer-tells-u-s-bankruptcy-court.html?cmpid=yhoo

This is why amateurs don't get to play DA in the real world.

[girl gone mad]

1. Why are you so adamantly defending this garbage?

Give it up.

http://biz.yahoo.com/ap/111101/us_mf_global.html">MF Global Admits Using Client Money, AP Says

http://today.msnbc.msn.com/id/45114515/ns/today-today_news/t/corzine-run-firm-admits-using-clients-money/">An MF Global executive made the admission to federal regulators in a phone call early Monday after regulators discovered money missing...

[banned from Kos]

2. co-mingling its accounts is a securities infraction that should result

in a broker losing its license.

They deserve to lose it. What's your point?

[aquart]

3. Not interested in Corzine's head.

But it still looks like something big is missing somewhere.

[Yupster]

19. So let's say Corzine did nothing illegal

Then he can proudly say that he is a CEO that honestly ran his company into bankrupcy in two years.

And that's the rosy scenario.

[lib2DaBone]

4. Oh Ya.. the Lawyer for MF Global says everything is cool.... ROFL

[Rex]

6. I know!

Funny shit! :rofl:

The things people will believe!

:rofl:

[banned from Kos]

7. I don't believe a bunch of idiots on a blog (ZeroHedge)

who are ALWAYS wrong and still trying to relive 2008.

[Rex]

10. Right, you believe lawyers that agree with your point of view.

How common.

[Kaleko]

13. More free advertising for Zero Hedge.

Why oh why are you driving traffic their way?

http://www.zerohedge.com/news/keeping-korzines-klink-fbi-investigate-mf-globals-theft-client-money

[econoclast]

5. Actually not clear at all that they didn't co-mingle

Just because all customer funds are accounted for now, Tuesday afternoon, DOES NOT mean that on Friday afternoon they didn't dip into the customer's funds to settle with the Fed.

According to the WSJ an official admitted that they had co-mingled.

According to an interview on Bloomberg radio on Monday morning, that Friday had been a particularly bad day. Some counterparties whose trades were supposed to settle yesterday and today were demanding that these trades settle that Friday. It was such a problem that the Fed kept the Fed Wire open an extra hour so MF could settle. Now, who do you think would want to demand early settlement? Counterparties who were owed money BY MF, or those who owed money TO MF? Right. That's what I think too. So MF faced a massive cash outflow on Friday, that wouldn't / couldn't be offset until the rest if their trades cleared yesterday and today. So. On Friday night they had a choice. Be unable to settle with the Fed and close up shop right then and there ... OR .... Find some way, any way to settle up.

And settle up they did. But using whose money?

As the rest of their trades settled yesterday and today, they replaced "accounted for" the customer funds.

[banned from Kos]

8. They admitted co-mingling. Earlier today the peanut gallery was

claiming Corzine "stole" $700 million and should be bound and cuffed before the day was over.

Two different issues.

[econoclast]

9. Co-mingling is a nice, sanitized way of saying

STOLE! True, they seem to have put it back. But that doesn't mean they didn't take it in the first place. If I steal your car on Friday, and spend the weekend joyriding .... Are you OK with that as long as I put it back in your driveway on Tuesday washed and with a full tank?

Or are you still demanding my arrest?

[Rex]

11. He also doesn't believe fraud is illegal if it is a mega-corp that did it.

Sad right?

[econoclast]

12. I think that was uncalled for

I doubt very much that he believes that

[Rex]

14. That is because he never said such words to you.

Me, he did so I just didn't post that casually like you might think I did.

[PoliticAverse]

15. “I certainly hope it’s true, but it’s far too early for me to know one way or the other,” Harbeck

said.

[PoliticAverse]

16. FBI, Federal Prosecutors to Join Inquiry into Corzine Firm

http://www.nbcnewyork.com/news/local/Jon-Corzine-MF-Global-Securities-Investments-Investigation--133029488.html

[PoliticAverse]

17. MF Global: Everyone has opinions. We have convictions...

http://blogs.wsj.com/deals/2011/11/02/mf-global-ad-campaign-painfully-ironic/

[muriel_volestrangler]

18. Ouch. There's an ad agency that's not worth its fee (nt)

[Iggo]

20. LOL...no way.

:rofl:

[PoliticAverse]

21. Update: "$600 million missing at MF Global"

NEW YORK (CNNMoney) -- A government regulator said in court Wednesday that roughly $600 million is missing from the books of bankrupt brokerage MF Global.

...


"MF Global has discovered a shortfall of segregated accounts of around $600 million," a lawyer with the Commodity Futures Trading Commission said, adding that this is a preliminary figure that could increase.

Read the rest at: http://money.cnn.com/2011/11/02/news/companies/mf_global_bankruptcy/