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HomeMF 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…)
Jon Corzine Meet Dean Tofteland
Posted by Larry Doyle on March 8th, 2012 6:27 AM |
“What they call ‘unlawful commingling’ on Wall Street is called ‘stealing’ back on Main Street.”
A week ago, I welcomed highlighting the plight of an elderly couple ensnared in the morass that is the MF Global debacle. Helen Metchikoff’s plea tugged at my heart as she wrote:
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…
There are clearly many, many more individuals and couples also suffering as a result of the “commingling” that transpired at MF Global. Yesterday, I read of just such another individual.
Jon Corzine meet Dean Tofteland. (more…)
Is Jon Corzine “Too Big to Be Indicted”? Part III
Posted by Larry Doyle on November 22nd, 2011 4:29 PM |
This commentary runs a little long, but I exhort you to read it in its entirety as it captures the sentiments of readers who are extremely close to or actually “in the MF arena.” Their messages are filled with real pain and anguish which is not found in the media. This is reality. I hope you will want to share this post with your friends. LD
As if $600 million in missing customer funds were not enough, recent news emanating from the debacle that defines the bankruptcy of MF Global puts the estimated misappropriation of customer funds at a cool $1.2 billion. Yes, billion with a B!
Those involved in the markets would easily ascertain that those manning the MF Global ship redirected these customer funds in an attempt to save the ship as it was going down. The customers themselves remain in a state of shock and bewilderment as to how this reality might ever have come to pass.
Meanwhile, the outrage in America burns while the lack of trust and confidence in the markets, the market makers, and those charged with protecting investors grows stronger by the day.
You don’t believe me? Read on and chew on these messages I recently received from people “in the arena”: (more…)
