MF Global’s Shortfall
If truly there is a “Shortage” of segregated client monies, lets call it what it really is. It is not a shortfall, it is out and out all THEFT! No other words about it. These accounts were segregated and a cardinal rule was violated. I explained to m
Thanks for your post. I, like others in the futures industry are simply appalled. This Democrat politician, having been forced out as president of Goldman now was trying to make a name for himself with other people’s money.
What is worse is that his colleague Gary Gensler who is in charge of investigating MF Global knows intimately and worked with Jon Corzine for years both at Goldman and Washington. The question is what is safe if MF Global did indeed unlawfully touch client segregated accounts? Is your bank account safe? Your stock brokerage account safe? If this is not resolved quickly these questions will spread rapidly and hurt our fragile economy.
Absolutely. The problem is – unfortunately – system wide. It’s a corporate culture issue that needs to be eradicated. This isn’t the first warning – it’s like a fire alarm with a snooze button:
Where is our good friend the NFA during all this? I understand they laid off their risk to the CME as the SRO, as an exchange member.
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