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Posts Tagged ‘MF Global Customer funds’

“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…)

Is 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…)

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…)

What Happened to the MF Global Customer Funds?

Posted by Larry Doyle on November 9th, 2011 6:59 PM |

How is that $600+ million of customer funds disappears from a bankrupt brokerage firm and it is not THE perpetual lead story in every financial periodical?

I know there is a lot going on in the world but this story blows them all away because it strikes at the very heart of our financial markets.

If customers do not have a deep faith and strong belief that their assets are segregated and protected why would any customer maintain an account with any broker? I wouldn’t.  (more…)

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