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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…)
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Poor accounting of the movement of funds between bank accounts and outdated treasury systems contributed to the chaos of the final days of securities dealer MF Global — and ultimately to the loss of $1.6 billion in customer funds.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…)
