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MF Global Funds May Be Missing Because Someone Suffers From Test Anxiety

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In the 2+ weeks since MF Global filed for bankruptcy protection, much has been written about Jon Corzine's penchant for making wild bets, which worked out fine while he was at Goldman Sachs, where risk managers are empowered to stand up to employees putting the firm/bonus pool at risk, but not so much at MF-G, where he was a man on a mission. If JSC could turn back time...he'd still be JSC and he still would've had that little voice, down his plums, telling him to risk it all on Eurozone debt, which in turn would've caused various people to freak out, start a run on the bank and drive it into its current state of affairs. Separately though? This business with the customer funds that were desegregated from the firm's own money and which are currently "missing," despite several manhunts and "magical mystery tours" to find it? It didn't have to be that way and maybe it wouldn't have been if someone had been forced to dust off his series 24 books and review the section on "customer accounts," before cramming into a test center and sitting for the exam alongside all the other scrubs, sweating through his sweater vest over getting at least 70% correct.

Making it to the top of The Goldman Sachs Group Inc. apparently means that you never have to take another broker exam.The Financial Industry Regulatory Authority Inc. gave former MF Global Inc. chief executive Jon Corzine a waiver on Series 24 and Series 7 exams when he returned to the financial sector to head the firm in March 2010. The agency did, however, make Mr. Corzine take a Limited Futures, or Series 32, exam. Before MF Global, Mr. Corzine last worked on Wall Street in May 1999, when he served as chairman of Goldman Sachs & Co. He then took an 11-year break from the industry and was elected to a U.S. Senate seat in New Jersey in 2000, and then was elected governor in first reported last week that Mr. Corzine passed the Series 7 exam in 1975 and the Series 24 exam in 1982 but had not sat for either one prior to taking the helm of MF Global. Finra says on its website that investment professionals must retake their exams after being out of the business for more than two years, the story notes. Finra spokeswoman Nancy Condon confirmed that Finra gave Mr. Corzine a waiver.

Perhaps if it was known that Corzine couldn't correctly answer the question: What percentage of customer money must be covered in a segregated account? A) 200% B)100% C) 75% D) Meh...he would've at least been forced to take a night class refresher course. But, hindsight, etc. Tell you what-- next Wall Street gig he gets, he promises to brush up. Deal?

FINRA granted Corzine a waiver on exams [Investment News]
Related: Purgatory For MF Global Customers


Woman Wants $150 Trillion-ish From MF Global, Thinks She Is Barack Obama

Earlier this month, the Journal explored the difficulty MF Global customers have encountered in attempting to get their "missing" back, after the firm went down for the dirt nap last October. One woman who can relate all too well? Barack Obama AKA Angela Dozier-Carter, who is owed $150 trillion and then some, of which she hasn't seen a dime. Sadly, it doesn't look like President Dozier-Carter will be seeing any money any time soon, as MF Global's lawyers have filed a motion dismiss her claim, calling them "patently absurd on their face." In related news, this isn't the first time ADCBO has been screwed out of money rightfully owed to her. On January 27, 2010, Ms. Dozier-Carter filed two more complaints in the Court of Federal Claims, identified as case numbers 10-63 and 10-64. In Complaint 10-63, Ms. Dozier-Carter seeks $25 million as a reward for capturing Saddam Hussein. In Complaint 10-64, Ms. Dozier-Carter seeks $400,000 in annual salary and expenses because she allegedly "took the Oath of Office for the 44th President of the United States of America as Barack Obama[.]" This is far from over. MF Global Motion To Expunge Claim [PDF] Dozier-Carter v. U.S. [Leagle] Customer Divide At MF Global [WSJ]