Democrats Face Another Financial Scandal: MF Global client money feared gone

CEO of Thomas Capital Management and Political Arena contributor Thomas J. Zaleski comments:

WHERE are the Democrats blood curdling screams of corporate raiders, banksters, greed, etc? Oh, Democrats love [former New Jersey Governor] Corzine! And it’s Bush’s fault?

Imagine a CPA NOT being able to find ONE POINT TWO BILLION? Must be a drunk CPA. James R. Spear, CPA Diplomat Forensic Accounting could find the money in days.

 

Watch this video and keep in mind that New Jersey fired Gov. Corzine because he put the state on the brink of default, now Gov. Chris Christie is cleaning up the mess:

Wall Street Journal/NY Post:

MF Global client money feared gone

Nearly three months after MF Global Holdings collapsed, officials hunting for an estimated $1.2 billion in missing customer money increasingly believe that much of it might never be recovered, according to people familiar with the investigation.

As the sprawling probe that includes regulators, criminal and congressional investigators, and court-appointed trustees grinds on, the findings so far suggest that a “significant amount” of the money could have “vaporized” as a result of chaotic trading at MF Global during the week before the company’s Oct. 31 bankruptcy filing, a person close to the investigation was cited as saying Monday.

Many officials now believe certain employees at MF Global dipped into the “customer segregated account” that the New York company was supposed to keep separate from its own assets — and then used the money to meet demands for more collateral or to unfreeze assets at banks and other counterparties as they grew more concerned about their financial exposure to MF Global.

Lawmakers have pushed for answers from Jon S. Corzine, the former New Jersey governor and Goldman Sachs Group chairman who led MF Global into its big European bet and was CEO when the company failed.

[But I thought it was those rascally Republicans who owned Wall Street and Goldman Sachs…. – Editor]

Read more HERE.

About Chuck Norton

I write about politics, education, economics, morality and philosophy.
This entry was posted in 2012 Primary, Budget, Econ, Obama, True Talking Points and tagged , , , , , . Bookmark the permalink.

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