We are staring into the dark abyss of our system - Dante's Inferno if you will - but it's being hidden by a veil of deceit and cover-up that may not disappear until the system has incinerated - Dave in Denver, 11/5/11I reiterate my call for justice in this situation by giving Jon Corzine a seat in jail in between Bubba and Bernie Madoff. If this were the 1800's, Corzine would be subjected to a public hanging. I'd pay good money to see that.
It turns out that several MF customers had requested their money from MF Global several days before MF hit the wall. Usually you can - at your request - have this money wired. MF Global sent out checks via the proverbial slow boat to China. Now the checks have bounced and the money is gone:
Those checks cut by the folks at MF Global began arriving in customer mailboxes this week, several days after the firm filed for bankruptcy on Oct. 31 in New York federal court. And by the time customers started depositing those checks, they were rejected as having insufficient funds.Here's the Reuters news story: LINK
The media is still reporting that only $600 million in customer funds is missing. I still believe that it will be a lot more than that, if we ever get the hear the truth. I know that if the rumor-mill is discussing twice that amount, I would err on the side of the rumor mill in this case. I hope Corzine burns in hell.
If anyone wants to get together a "ghoul pool" to speculate on which firm is next, I'll have to flip a coin to decide if I would pick Jeffries or Morgan Stanley.