when CFTC commissioners discover acid

Late last week, as Jon Corzine attempted to sell MF Global, it was reported that that probably wasn’t going to happen on account of the fact that those who’d taken a look at MF’s books weren’t comfortable with the approximately $600 million in customer funds that had gone “missing.” Days later, despite a manhunt for the money and a false alarm at JPMorgan, the cash still has not yet turned up. For his part, Bart Chilton, a commission at the CFTC, is pretty pissed. “We shouldn’t have to go on this magical mystery tour looking for the loot. It shouldn’t have taken this long,” he said at an energy-trading conference in Houston. “For us, job one is always–no excuses–to ensure that customer funds are held sacrosanct. In this case, as the Stones sing, we ‘got no satisfaction.’” Possibly tripping on magic, Chilton, pictured at left, concluded that: “It’s a distinct possibility, some would say probability, that somebody has done something with the money, and that it’s not going to be ‘all of a sudden discovered’ with an innocent explanation.”

So….okay. We’ll play along. Where is the “loot” and what was “done” to it? Read more »