It’s either missing-missing or there but just in hiding as a result of “sloppy internal controls.”
Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday. The recognition that money was missing scuttled at the 11th hour an agreement to sell a major part of MF Global to a rival brokerage firm. MF Global had staked its survival on completing the deal. Instead, the New York-based firm filed for bankruptcy on Monday. Regulators are examining whether MF Global diverted some customer funds to support its own trades as the firm teetered on the brink of collapse.
The discovery that money could not be located might simply reflect sloppy internal controls at MF Global. It is still unclear where the money went. At first, as much as $950 million was believed to be missing, but as the firm sorted through its bankruptcy, that figure fell to less than $700 million by late Monday, the people briefed on the matter said. Additional funds are expected to trickle in over the coming days.
Regulators Investigating MF Global for Missing Money [Dealbook]
Maybe he used it to replace the pension money he stole from NJ for his union girlfriend
He is Cramer's bestfriend.Go figure!
Supposedly we have some of it.
~UBS MD's Assistant
You know no one else can hear those voices in your head, right?
Anyone take a look for it in Mandy's cleave?
"Sloppy internal controls!" is also the sub-heading for Lynn Tilton's match.com profile.
After a full day of articles and threads regarding the rapid demise of MF Global. I thought I should wrap things up for everyone with one final key take away point.
Don't ever hire an ex-UBS risk manager to manage your risks.
We can move on now.
Is my $40 million paper account still safe?
see prev.
maybe they just "misremembered"
roger clemens
Does it really matter where it went? I'm sure whoever took it plans to pay it back.
-Lightsquared investor
UBS loses $700MM on a good day.
"Sloppy Internal Controls" – I should have worked at MF Global
Former RBS MD
We had the same problem, still looking for the international accounts.
- Bluth Corp. Auditors
There's always money in the banana stand.
It was a mispunch.
Statement will be correct tomorrow, gotta roll.
Having enough capitol and expertise to be able to "front-run" all your client's trades like GS…..Then NKI!
Trying to get enough capitol and talent to build a GS type empire, not too easy to do. F**K IT! lets just steal all the idiots money this quarter, we'll have 3 months to cover our trades……
Patience is a virtue Mr Corrazine, you obviously have none!
Guest, what you have just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this thread is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.
In some warehouse in New Jersey, one million Extra-large sweater vests, pledged as collateral, lie in mothballs………..
A Democrat, stealing money? Shocker.
…plus you missplled capital (twice).
yeah that was the problem.
F**K! my Android spelling nanny. F**K GS and F**K ewe too!