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HomeIs Jon Corzine “Too Big to Indict”? Part VII
Posted by Larry Doyle on February 25th, 2012 9:07 AM |
Four full months have passed and MF Global customers are still out a reported ~$1.6 billion.
How are these individuals and entities surviving? Will they ever see a return of their funds? Will the public ever learn what truly happened in those fateful days and hours when this firm went down the tubes?
Don’t hold your breath.
In a not unsurprising manner, we receive word on a late Friday afternoon that the investigation into the MF Global demise may be little more than a case of sloppy controls and compliance. Is this to be believed? (more…)
We Need an MF Global Grand Jury
Posted by Larry Doyle on January 30th, 2012 9:53 AM |
I still very much have the “sense on cents” that many on Wall Street and in Washington desperately wish that l’affaire MF Global would just fade away.
Let’s work hard to make sure that does not happen and that the MF Global customers who may NEVER see THEIR money again at least receive some justice in return.
NEVER see THEIR money again? Is that right? (more…)
Jon Corzine v Edith O’ Brien: Let’s Rumble
Posted by Larry Doyle on January 18th, 2012 11:41 AM |
Some of the largest financial debacles of our lifetime revolved around individuals who were able to effectively arbitrage, that is knowingly manipulate, their back office operations.
I refer specifically to the financial follies surrounding Joe Jett and Kidder Peabody in the early 1990s, Nick Leeson and Barings in 1995, and Yasuo Hamanaka and Sumitomo in the copper scandal of the mid 1990s.
I would maintain that due to a shortage of quality collateral in our financial system, it is highly likely that over the course of the last few years many of our large financial firms have knowingly manipulated their back offices and accounting operations. (more…)
Sense on Cents Poll re: Jon Corzine and MF Global
Posted by Larry Doyle on December 17th, 2011 12:41 PM |
I have no doubt that those within the senior executive suites on Wall Street along with their ‘incestuous’ colleagues in Washington and their financial regulatory ‘cousins’ would hope that the MF Global and Jon Corzine affair would fade into the sunset.
Well, those in our country who care about the virtues of truth, transparency, and integrity—along with the MF Global customers—have little interest in seeing this story go away, just like the cool $1.2 BILLION of supposedly segregated customer funds went away.
The stench of the demise of MF Global is so overpowering, but the need to determine what really happened to those customer funds is so great.
At the suggestion of a regular reader of Sense on Cents, I am compelled to launch a poll and take your pulse as to what you would like to see happen with Corzine and MF Global. (more…)
