Monday, March 26, 2012

MF’s Corzine Ordered Funds Moved to JP Morgan, Memo Says

Many folks are upset by the fact that nothing has been done about the massive losses and missing customer funds at MF Global. Can you imagine how many executives would be respondents in administrative proceedings and defendants in criminal proceedings if it were a small regional broker-dealer who could not account for  $1.2 billion dollars.

But the story gets worse. On Friday the press was awash with the story that Jon Corzine himself, personally directed the transfer of $200 million from a customer account to meet an overdraft in an MF Global account at JPMorgan.

It's too early to tell, but if true, that statement is a direct contradiction to his sworn testimony before Congress.

Can you say Martha Stewart?

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