MF Global: It gets worse

[marmar]

The court-appointed trustee overseeing the liquidation of MF Global’s brokerage now estimates that the shortfall in the firm’s customer funds could be more than $1.2 billion, double previous estimates.

Regulators currently suspect that MF Global improperly used customer money for its own purposes in the days before filing for Chapter 11 protection, according to people briefed on the matter.

The decision to release the updated figure on Monday came after authorities concluded that much of the customer money had left the firm, these people said.

By MF Global’s estimates to regulators, roughly $600 million in customer money was missing. But as forensic accountants pored over MF Global’s books in recent weeks, they began to question those estimates. ............(more)

The complete piece is at: http://dealbook.nytimes.com/2011/11/21/mf-global-trustee-estimates-shortfall-could-be-more-than-1-2-billion/

[dipsydoodle]

1. Jail time coming up for some I would hope

.

[polichick]

5. That would be Corzine, so maybe not.

[Rex]

2. If this was China, they would be facing the death penalty.

Can we start executing companies yet?

[peacebird]

3. How much property and cash do the board members and management of MF Global have between them?

Garnish everything they have, to refill the coffers.

Doing that a couple times might begin to encourage the big boys to play honest and nice.

That and jail terms for the Board members, CEO, CFO, and all others in upper management positions.

[polichick]

4. Meanwhile, Corzine is nowhere to be found, according to some Congressional guest on...

...cnbc - didn't catch the name, just listening from another room.

[ellenfl]

6. repubs will be screaming for corzine's head

even as they turn the other way when it comes to repub ne'er-do-wells. that said, if guilty, corzine should see jail time. by virtue of his status in the company at the time of the crime, he does have some culpability.

ellen fl

[abelenkpe]

7. Naw they're screaming for Obama's head because Corzine is a dem and it's democrats fault

for bringing the economy to it's knees through their corrupt market manipulating evil thieving socialist ways. At least this is how Rush Limbaugh is spinning the entire story. Charming man. He's known to frequently call the first lady fat. I guess he doesn't own a mirror.

[Angry Dragon]

8. plus he is a known drug user