MF Global found the missing $1.6 billion in client money, perhaps they found all of it, that’s a little vague.
Some of the money seems to be in the U.K. You will be reassured to know it was just the result of a lot of mistakes and with all the confusion at the end it’s understandable (Yes, that’s irony. I’m sensing cover up in the works for Corzine). In the end, the money may be gone for good.
James Giddens, the trustee, said “clearly there were mistakes being made.” CLEARLY!
An example of a “mistake,” was the $220 million that was “wrongly transferred” from the securities accounts to the commodities accounts. An easy mistake to make with a mere $220 million – chump change. I don’t think that that can be retrieved by the way.
Another $700 million of customers’ property resides with the MF Global U.K. branch. “Resides?” I guess it went on vacation? Is that like the money growing legs, hoping on a plane, and flying to the U.K. branch on holiday?
The money that “resides” in the U.K. is in dispute.
That doesn’t add up to $1.6 billion by my math.
I think Corzine, the Obama bundler, is going to skate on this.
Read more: Fox News