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MF Global trustee: $1.2B missing from accounts

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posted on Nov, 22 2011 @ 08:05 AM

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.


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


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.

posted on Nov, 22 2011 @ 08:35 AM
White collar crime is where its at.

You either get a couple easy breezy years in minimum security prison (with all white collar criminals of course)

Or you have to pay back a tiny, insignificant portion of your thievings.

Or you get away with all of your thievings (and probably go work for the government)

I'm going straight to the top of my company, so I can steal all the pension plans, retirement accounts and incentive bonuses. Then I'm going to take this money, put it in a bank in the Cayman Islands and live in paradise off the hard work of others.

And, btw, people will read this article and STILL think OWS is lazy, socialist, pot smoking hippies.

posted on Nov, 22 2011 @ 08:50 AM
Jon Corzine needs to go to jail

edit on 11/22/2011 by mnmcandiez because: (no reason given)

posted on Nov, 22 2011 @ 09:57 PM
The silence of the MSM is deafening on this. Not so much the online media, but the coverage by the Big Three (CNN, MSNBC, and FOX the networks have long lost any right to be considered news) has been virtually non-existent. Sure they spend 30 second in an hour show but that's it. I've said all along to watch this one, I kinda get the feeling MF might have been the canary in the coal mine.

A MF thread I made couple of days ago
edit on 22-11-2011 by jefwane because: (no reason given)

posted on Dec, 8 2011 @ 08:57 AM
Is it just a coincidence that a fair amount of the MF Global money "missing" is endangering farmers in this country. Many of America's farmers had their operating capital and savings with MF Global, and due to the loss of these funds, these farmers are having difficulties planning and purchasing seed stock for next years plantings and delaying the purchase of necessary machinery. If farmers can't purchase seed and the equipment to plant and harvest, their farms will go under. This country has lost too many independent farmers as it is.

I heard a while back that George Soros has been divesting his gold holding and switching to purchasing farmland as he feels it's a better investment.


Do you think there is any chance this situation is contrived to eliminate as many independent farmers as possible, turning more farms over to corporate owners? Or are they just robbing EVERYONE blind?

I also heard it mentioned that Jon Corzine would not have looted the account holders funds unless he knew his back was covered. And with Soros' possible connection, it's too much of a coincidence to me. I smell a rat.

Anyone else???
edit on 8-12-2011 by Oldnslo because: to add "just"

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