MF Global Doubles Up
The trustee doubles his estimate
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.
The trustee, James Giddens, has been combing through the accounts and finances of MF Global, which filed for bankruptcy protection on Oct. 31. He also says his plan to release about $520 million from accounts that have been frozen will mean nearly all the assets under his control will be distributed.
People need to go to jail. Boss-type people.
Oh, and sell your CME stock.
Biz, Morality, People | Mr. Bingley | 
November 21, 2011 12:34 pm
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Jail? Some “Club Med” Fed lock up? Please. If jail it is, put them in with the child molesters and rapists.
Otherwise, it’s time to bring back hanging as a means of carrying out capital punishment.
Jeff,
Agreed.
Sadly, theft, even at this magnitude, is not a capital offense.
JeffS, I’ve been arguing for the return of hanging for some time now.
One reason is idealistic: justice should be seen to be done, not hidden away in some hospital-like setting behind prison walls.
One reason is practical: you can re-use a rope.
You can also reload at very little cost.
There is a very nice little plalce, outside of Chicago, that would just love to have them as guests. In fact, it has a worldwide reputation for the treatment of its guests.
It also took the forever to let people unwind open positions, and at the leverage and volatility we are talking about, that would be gutwrenching.
Forget jail, hit him where it hurts, take his money and bar him from any financial dealings for twenty years.
No, md, I want all of what you say to happen to him (assuming he’s guilty, of course) and then I want him to go to jail.
And not some Club Fed type place, either.
Of course, the New York *spit* Times went out of its way to say, “No one at MF Global, including its former chief executive, Mr. Corzine, has been accused of wrongdoing.”
http://dealbook.nytimes.com/2011/11/21/mf-global-trustee-estimates-shortfall-could-be-more-than-1-2-billion/?ref=business
Maybe someone’s dog ate the missing money.
That’s the problem Bing, he would go to a Club Fed. I doubt the prez will allow anything to happen to his boy Corzine.