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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Poor accounting of the movement of funds between bank accounts and outdated treasury systems contributed to the chaos of the final days of securities dealer MF Global — and ultimately to the loss of $1.6 billion in customer funds.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…)
MF Global Customer Makes Impassioned Plea Recommended
Posted by Larry Doyle on February 27th, 2012 8:27 AM |
How are MF Global customers supposed to protect themselves when financial regulators and our legislative bodies show themselves to be incapable of performing that basic duty?
Those engaged in the unseemly acts of Wall Street-Washington Incest have shown their true colors in allowing the most innocent of investors in our nation to be trampled. How un-American of them. That said, while our incestuous ‘friends’ may leak stories over the weekend indicating that the MF Global fight for justice is largely over, let us show them that the fight has only just begun. How might we do so?
Let’s get very specific and highlight an impassioned plea by an MF Global customer who is crying out for help. Sense on Cents welcomes providing a forum to do just that. (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…)
Judge Rakoff: “Truth is Confined to Secretive, Fearful Whispers”
Posted by Larry Doyle on November 28th, 2011 6:53 PM |
Many participants in our financial markets and political circles clearly have little interest in allowing a full exposition of facts and figures on a wide array of topics. Why let those trifling principles get in the way of maximizing profits and currying favor for political gain, right?
“That’s not how we roll” here at Sense on Cents. Truth, transparency, and integrity are ALWAYS the order of the day.
Our prized virtues may not be embraced in our nation and the world at large, but that does not mean we should or will ever forsake them. (more…)
