RSS Feed
Twitter
Facebook
Email
HomeMF 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…)
“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…)
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…)
