MF Global trustee: $1.2B missing from accounts, page 1

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Topic started on 22-11-2011 @ 08:05 AM by phishyblankwaters

AP) WASHINGTON - The court-appointed trustee overseeing MF Global's bankruptcy says up to $1.2 billion is missing from customer accounts, double what the firm had reported to regulators last month. The trustee, James Giddens, also said in a statement Monday that his plans to release about $520 million from accounts that have been frozen will mean nearly all the assets under his control will be distributed. Giddens has been combing through the accounts and finances of MF Global, which filed for bankruptcy protection on Oct. 31.

Regulators are investigating whether MF Global tapped money from clients' accounts as its own financial condition worsened. That would be a violation of securities rules. The FBI is investigating whether New York-based MF Global violated any criminal laws. MF Global was led by former New Jersey Gov. Jon Corzine. The firm collapsed after making a disastrous bet on European debt. Giddens's office said in a statement that "the apparent shortfall" was as much as $1.2 billion or more, but noted that the figure could change.

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Stop and let that sink in. 1.2 BILLION, with a B. Missing, stolen, looted.

Exactly how many people will do prison time for this? the regulators are already suggesting that of the two things that could have happened, both are illegal. 1 would allow them to recover the money, the other gives no ability to recover the

1.2 BILLION DOLLARS that was STOLEN

wonder why OWS is so upset at wall street?

Because there are 2 justice systems in the united states.

1 for US the PEASANTS
1 for THEM the ELITE.

If I walk into a bank and steal money I go to jail.

If I work for a company and steal or improperly use investors money I GET OFF SCOTT FREE.

People continually accuse OWS of being socialist and wanting hand outs. It's the exact opposite, the socialist hand outs to the banks CAUSED this problem.

People complain that they want a free ride and without incentives to work, no one will. What the hell kind of incentive do we have? They can steal our money, steal our homes, steal the water from our lakes, steal the healthy food from our farms.

How does this system expect to continue now that the curtain has been pulled back and we see the evil, crippled, senile old man pulling the levers?

Put THESE crooks in jail, and enforce the regulations already in place. Once that is done, completely dismantle the Federal Reserve entity, and give the federal government it's ability to create money back.

But I fear it might be too late, the manufacturing base is gone, almost no products are being made in the US, so even if you fix the holes in the system, you've still got a massive issue of jobless people who simply can't find work at a living wage.

Oh, work at Mcdonalds, you say. Sure, go ahead and try to provide for a family in the US on minimum wage. hope none of those kids get sick, or want to go to college.

The damage being done won't be "visible" for another 15 years, but that doesn't mean it isn't happening, everything is collapsing around us, while those at the top reap bigger and bigger profits.