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HomeJon Corzine and MF Global: “The System Failed Us”
Posted by Larry Doyle on May 23rd, 2012 6:08 AM |
Almost eight months and still the customers of MF Global both here in America and overseas wait for restitution of their funds . . . and the American public waits for justice.
But this story is passe and it is time to turn the page, correct? On to the 2012 campaign. The war on women. The debate over private equity. Who’s married to whom? Folks, those topics may be worthy of debate, BUT they are sideshows as the theft and destruction of our trust, integrity, and confidence continues. (more…)
MF Global: Independent Investigator Required…Video
Posted by Larry Doyle on May 9th, 2012 9:37 AM |
I have written extensively of the need for an MF Global grand jury and an independent investigation. Why?
I feel strongly that MF Global customers specifically and the American public at large believe a fair and thorough adjudication of the ENTIRE MF Global bankruptcy is far from assured under the aegis of our Department of Justice.
Strong charge, no doubt, but who would deny that simple reality.
Having made these calls and posted numerous commentaries to this effect, let’s go to the videotape and take in a fabulous 5-minute clip on this hot button issue which ran late last evening. (more…)
MF Global: Independent Investigator Required…NOW
Posted by Larry Doyle on May 6th, 2012 7:50 AM |
We’ve been robbed.
It is one thing to be robbed. It is a far different thing to have Uncle Sam NOT turn over every stone or reveal what they may have found in the process of investigating the robbery.
Strong charge, no doubt. Given the responses and messages I have received from people impacted by the MF Global debacle, those feelings of a lack of total support from Uncle Sam are all too real. With more than 6 months having passed from the “time of the robbery,” and with seemingly little reason to believe the case will soon be settled and customers made whole, what do we need? Where is Inspector Clouseau when we need him? That is, an independent investigator. (more…)
MF Global: “This Was a Massive Theft”
Posted by Larry Doyle on April 30th, 2012 7:56 AM |
Six months and counting.
The lives of countless numbers of families and individuals are likely forever changed by what transpired at MF Global. Yet there remains no real accounting nor full retribution for the fiasco which unfolded within the walls of the firm that traced its roots to the late 1700s.
Certainly we can expect that trustees and regulators will put forth some thousand page reports trying to detail the minute by minute demise of MF Global. Do you think those reports will mean anything to the lives of the people impacted? I don’t. Why? How do you recapture trust? When there is NO real trust, there is NO real justice, and NO real closure. It is that simple. (more…)
MF Global Update: The Black Hole in a Dark Cave
Posted by Larry Doyle on April 11th, 2012 7:56 AM |
In a day and age when money transfers on Wall Street are processed and tracked with tremendous precision, the MF Global back office operations might only be compared to a caveman enterprise during the Dark Ages.
How might a firm such as MF Global, taking risks that literally brought the house down, have such inadequate back office capabilities? Great question, but for further ‘enlightenment’ on this dark and murky topic, let’s review a recently released CFO report, Lax Treasury Practices Aided MF Global Fall, Experts Say:
Poor accounting of the movement of funds between bank accounts and outdated treasury systems contributed to the chaos of the final days of securities dealer MF Global — and ultimately to the loss of $1.6 billion in customer funds. (more…)
MF Global: The Accounting Error That Wasn’t
Posted by Larry Doyle on April 4th, 2012 12:24 PM |
What really transpired in the offices of MF Global over that last fateful week?
On October 24th, the firm was downgraded by Moody’s. A week later, the once venerable house known as MF Global declared bankruptcy. Who knew what, and when did they know it? How did hundreds of millions of dollars of customer funds go missing? The best accounting and “follow the money” reporting I have seen to date is provided by a Sense on Cents favorite, CFO, which writes:
While securities dealer MF Global was melting down financially, the company’s finance and treasury departments — in conjunction with futures-market regulators — were on the hunt for the accounting error that wasn’t. (more…)
Those Uncle Sam Failed, Violated, and Left Behind
Posted by Larry Doyle on April 3rd, 2012 8:31 AM |
They are going to forget about me.
I have heard that line and iterations thereof from too many of our fellow citizens. Uncle Sam in the personage of Ben Bernanke, Tim Geithner, Henry Paulson, Mary Schapiro, John Boehner, Nancy Pelosi, Barack Obama and many others can talk about the actions they have taken and will take to save our economy and our nation; however, in the midst of their supposed efforts they have failed, violated, and left behind tens of thousands of our fellow citizens in their wake.
Of whom and to what do I refer? (more…)
“The People v Jon Corzine et al”
Posted by Larry Doyle on March 26th, 2012 8:40 AM |
If you were away over the weekend, as I was, or somehow missed the news late Friday afternoon, you may awake this morning unaware that the smoking gun in the fiasco known as MF Global may have been unearthed and now points directly back at one Mr. Jon Corzine.
How is it that neither The Wall Street Journal nor the Financial Times are prominently highlighting ongoing developments in this story in their morning newspapers? You don’t think our news flow is ‘managed’? What a joke, but that is another story for another time. Thank you to Bloomberg for keeping us current in what I believe should be the the eventual case of “The People v Jon Corzine et al.” (more…)
James Koutoulas: JP Morgan Insult Added to MF Global Injury
Posted by Larry Doyle on March 12th, 2012 8:24 AM |
Going on five full months and with MF Global customers still waiting for a glimmer of justice on the horizon—and the return of THEIR money—we awake to read that CME executives believe no further regulation could have prevented the debacle that is MF Global.
Why is that?
Most rational and ordinary Americans already sense those running the show at MF Global ‘broke the rules’. CME executives now seemingly maintain as much as well.
Let’s give these CME execs a gold star for a tremendous grasp of the obvious. Let’s also quickly review The Wall Street Journal story and then a further fascinating story highlighting what happened to somebody in the arena who spoke out on this debacle. (more…)
MF Global Customer Makes Impassioned Plea Recommended
Posted by Larry Doyle on February 27th, 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. (more…)
