It’s been a long while now since that frightful Halloween when MF Global filed the eighth-largest bankruptcy in the history of the United States. Too long a time if you are an MF customer and can’t get access or answers to what happen to your money.
Certain individuals at MF Global breached the sacrosanctity of segregated customer accounts to cover for liquidity shortfalls induced from extremely leveraged bets gone extremely bad, reportedly made by CEO Jon Corzine and his confidants.
Which brings us to a primary point in the MF Global debacle: Exactly where were Jon Corzine’s millions held while his firm was leveraging up 40-to-1? And for that matter, where were his lieutenants’ funds held? Unfortunately, those answers are not forthcoming from any of the parties.
It is almost unanimously mandated by Wall Street that officers of brokerage firms keep their investment accounts at the firm where they work. This is done for compliance reasons.
If Corzine and his inner cadre of lieutenants had their millions at MF Global, were their accounts breached as well?
more of the article at: http://www.nypost.com/p/news/business/corzine_financial_my_tery_5cucZtZho95Sr1MhnotnxJ?utm_campaign=OutbrainA&utm_source=OutbrainArticlepages&obref=obinsource
| 
