MF Global trustee: $1.2 billion missingI reported back when this story first broke about three weeks ago that I had heard from Street "chatter" that the missing amount of customer money was at least double the $600 million being reported. Now the Truth is leaking out:
the apparent shortfall in what MF Global management should have segregated at US depositories may be as much as $1.2 billion or more," the trustee said in a statementHere's the latest: LINK
I can't emphasize this enough: If you have brokerage and commodity accounts at big Wall Street firms that are also owned by bank holdiing companies - get your money the hell out of there. I'm dead serious about this. This is especially true if your account is at Jeffries, Morgan Stanley or Bank of America/Merrill. Fidelity and Schwab are the safest alternatives to outright physical gold and silver.