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HomeThe MF Global Smoking Gun?
Posted by Larry Doyle on June 6th, 2012 9:21 AM |
As with any alleged illicit financial activity, the questions beg: who knew what and when did they know it?
In regard to the MF Global debacle, we have had more of the “I did not know” and “I did not intentionally” type of statements than any of us should have to stomach.
That nonsense may suffice for compliant media and regulators, but fortunately we have others in our nation who take a harder look. Thanks to those at CFO for digging through past Congressional testimony — made under oath — and the recent trustee’s report to find what looks very much like a smoking gun. (more…)
Jon Corzine: At Best, A Negligent Nitwit
Posted by Larry Doyle on June 5th, 2012 8:18 AM |
Did Jon Corzine perpetrate a fraud at MF Global? Many believe there is sufficient evidence to pursue an indictment of Mr. Corzine and others for the demise of the firm.
The MF Global trustee’s report released yesterday falls short in providing the smoking gun with Corzine’s fingerprints. That said, Corzine should hardly rest easy as the Financial Times writes this morning, MF Global Trustee Eyes Suing Corzine:
The legal trustee overseeing MF Global’s bankruptcy has blamed Jon Corzine, the broker-dealer’s former chief executive, for ramping up risk while failing to overhaul money management systems.
James Giddens said on Monday that he would decide within 60 days whether to sue Mr Corzine, the former New Jersey governor and senator, and other former staff members at the company for “breach of fiduciary duty and negligence”. (more…)
MF 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…)
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…)
