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MF Global Customer Makes Impassioned Plea Recommended

Posted by Larry Doyle on February 27, 2012 8:27 AM |

How are MF Global customers supposed to protect themselves when financial regulators and our legislative bodies show themselves to be incapable of performing that basic duty?

Those engaged in the unseemly acts of Wall Street-Washington Incest have shown their true colors in allowing the most innocent of investors in our nation to be trampled. How un-American of them. That said, while our incestuous ‘friends’ may leak stories over the weekend indicating that the MF Global fight for justice is largely over, let us show them that the fight has only just begun. How might we do so?

Let’s get very specific and highlight an impassioned plea by an MF Global customer who is crying out for help. Sense on Cents welcomes providing a forum to do just that.

In response to my commentary the other day, Is Jon Corzine “Too Big to Indict”? Part VII, a reader responded with a comment which made as strong an impact on me as any comment ever left on my blog. America deserves to hear exactly what this elderly woman has to say. With no editing, I welcome highlighting:

helen metchikoff

i am a 75 yr old grandmother my husband is 76 we take care of a brain injured 55 yr old son all of our investment money we saved in our lifetimes was invested in mf global for a monthly income to live out our lives now we are broke living on a pittance social security checks this is such a crime against all the people who lost through the greed of corzine and all the rest of his cronies isn’t there anything that can be done to help us we are suffering and i don’t think we deserve this they should all be punished severely for this just like madoff is

Is this America?

What type of nation would allow innocent investors like Ms. Metchikoff to be abused in the manner which is ongoing in this MF Global debacle?

Those on Wall Street and in Washington should take heed to see that the full and total truth of what transpired in those fateful days and hours when the MF Global ship went down is detailed and released. I am pleased to see that the Wall Street Journal calls for the same in its lead editorial this morning. The WSJ writes, Whodunit at MF Global:

Could the missing customer money be the result of honest mistakes? An accounting error, according to Phupinder Gill, president of futures-exchange operator CME Group, would normally be “solved in 10 minutes or less.”

Law enforcers need to look back to the last week of October 2011 and determine who authorized fund transfers and why.

Mr. Corzine, a former Senator from New Jersey, cruised through the testimony to his former colleagues on Capitol Hill. Federal investigators should press harder to find out exactly what was said between him and Ms. O’Brien.

While Ms. Metchikoff writes so impassionately about her own plight, there are clearly multitudes more MF Global customers who also suffer. On their behalf, I write and welcome supporting their cause.

Additionally, let me  remind our regulators and legislators of the wisdom shared by the disciple Matthew in 25:40,

And the King will answer them, ‘Truly, I say to you, as you did it to one of the least of these my brothers, you did it to me.’  

There will clearly be a day when real justice will be dispensed to all involved in this MF Global debacle. So we may not have to wait that long, I call out and ask other MF Global customers to share their plight here at Sense on Cents so the collective cause for justice can be expedited.

In order to advance this cause for justice, I would request each and every person who reads this commentary to share it with friends, family, colleagues, and media outlets via any and all forms of social media or otherwise.

Do it for Ms. Metchikoff. She deserves our help.

Larry Doyle

Isn’t it time to  subscribe to all my work via e-mailRSS feed, on Twitteror FacebookDo your friends, family, and colleagues a favor and get them to do the same. Thanks!!

I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets, our economy, and our political realm so that meaningful investor confidence and investor protection can be achieved.

  • Always Learning

    Is this the best Jon Corzine can do after getting a second chance at life following his serious car accident in 2007?

    “He has what we call multisystemic injuries,” Robert F. Ostrum, Cooper’s director of orthopedic trauma, who led the surgical team, said in a midnight briefing for reporters here. “Injuries to his chest, lungs, to his legs, and he lost a significant amount of blood.” Asked whether Mr. Corzine was lucky to be alive, Dr. Ostrum said: “Yes.”

    How does someone behave in such a financially irresponsible manner at the expense of others after escaping death and getting a second chance at life? Is this really the best he can do?

  • Peter S.
  • Peter S.

    “Investigators have hoped to talk to Edith O’Brien, a senior official in the Chicago office. People involved in the case describe her as the “keeper of the records” at MF Global, the person most knowledgeable about transfers in and out of customer accounts.

    But she has declined to cooperate with federal authorities unless she receives immunity from prosecution, according to people briefed on the talks. Federal prosecutors are weighing whether to offer her such a deal.”

    What song is Ms. O’Brien willing to sing? i bet Mr. Corizine knows the tune.

  • Obsvr-1

    a deal with the devil, is after all a deal with the devil.

    Most everyone knows in the gut what the answer is; take from these fraudsters that which they cherish, the luxurious lifestyle and freedom from constraint of insolvency by disgorging their wealth and to serve long prison sentences.

    Unfortunately, those who are in the positon to enforce the common sense laws are either turning a blind eye, or corrupting the system to make what is otherwise illegal – legal.

    Will we live to see a hero emerge who is going to stand up and fight for the people like Ms. Metchikoff and the other thousands, millions of victims to these white collar (organized) crimes.

    Maybe there was merit in the old duel challenge, let J. Corzine meet the duel(s) from the customers & farmers, anyone can visualize the result, the ultimate disgorgement.

  • Sunup

    Hi Larry

    I sent this article to the business section of the Los Angeles Tribune…oops Times.Regards Millie

  • Ray

    All the money that went out of MF in the last few days of their existence that belonged to MF retail customers and should have protected by customer segregation regulations should be clawed back from those entities that received them. Just look at the money that left the firm in reverse chronological order until all the retail customers are made whole. That money wasn’t MF’s to disburse in the first place. I understand that, legally, it is a lot more complicated than that but this should be the underlying concept here.

  • Bill

    Assuming Corzine is guilty of defalcation, I predict he’ll never see any justice, at least not in the criminal arena. He’s too well connected. That Washington mafia looks after its own.

  • Ted

    Sounds like the wsj is on this thing now.

    Would be worth trying to figure out why the banks that received funds in the last week have not bern forced to disgorge any. Jpm was obviously concerned about fraudulent conveyance.

  • Evan: MUST READ

    You asked for other stories like Mrs Metchikoff. We are a couple in our late 50’s – I was made redundant and my husband is disabled. We had saved to buy a house and had lodged over £200K with MFGlobal. We were assured in writing that our funds were absolutely safe. We are now having to pay rent, and living on his small disability allowance. I have not found work. It has become very difficult for us to survive. It seems that Corzine will get off scott free while families suffer due to his greed and hunger for power. Is there no one who can stand for these individuals. I know people who have lost their entire pension through MFGlobal.

  • LD

    You would have to look very hard in the print edition of today’s Wall Street Journal to find this, but we do learn:

    CME Subpoenaed by Grand Jury a Day After MF Global Fell

    “Grand juries have enormous investigative powers,” said Andrew Leipold, a professor with the University of Illinois College of Law. “My instinct is that setting one up the next day [after MF Global’s bankruptcy] is pretty fast for anybody to move.”

    Additionally, from today’s Financial Times:

    CME Was Subpoenaed in Probe of MF Global,

    “Grand juries aren’t convened unless there is a very strong feeling, as in this case, that there has been some criminality,” said Barry Slotnick of Buchanan Ingersoll & Rooney, a law firm in New York.

    However, the existence of a grand jury does not suggest that federal prosecutors will definitely press charges over the collapse of MF Global.

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