Authorities are winding down their criminal investigation of the failed brokarage firm, MF Global, and despite the lack of oversight and the loss of more than $1 billion in customer funds, it now seems unlikely that anyone at the firm will face criminal charges.
Stop us if this sounds familiar: at PFGBest, a well-regarded, Iowa-based brokerage specializing in futures and foreign exchange trading, more than half of the customer funds are missing, its own funds are now frozen, and no one knows what anyone did with the missing $220 million.
In a rare JPMorgan Chase story that did not mention the bank's own recent losses, DealBook reported Friday that the bank had transferred $168 million to a trustee representing former MF Global customers, to start repaying them.
After Jon Corzine's strenuous denial that he had any knowledge of M.F. Global managers raiding customer funds to pay overdrafts, along comes an internal memo that said he didn't just know of the practice, he ordered it.
It's always a bad sign for those still waiting to get their MF Global money to wake up to a front-page Wall Street Journal story saying that "officials hunting for an estimated $1.2 billion in missing customer money increasingly believe that much of it might never be recovered."
It may not sound like it, but the news of someone declining to meet with the FBI might actually mean progress in finding that $1.2 billion dollars.
Louis Freeh, the former director for the FBI, should be quite good at keeping secrets, right? He's representing MF Global as the firm's appointed bankruptcy trustee, and The Wall Street Journal reports that he's doing just that, stymying regulators' hunt for $1.2 billion in customer money.
Even though we haven't quite found MF Global's $1.2 billion that went missing, Vanity Fair did find out he and his wife Sharon were talking about a château they were about to buy in the South of France.
Those farmers, traders, and other assorted customers of busted trading firm MF Global probably won't like hearing the news that JP Morgan got money it was owed, on the day before it filed for bankruptcy, The New York Times reports.
People in Washington are pretty curious to know just how MF Global (and the rest of the industry it worked in) could lose track of $1.2 billion, but regulators looking into the matter are here to report that they know where the money is, they just aren't telling you.
Proving that $1.2 billion is actually really difficult to find, the Justice Department and news outlets are clinging to testimony from a fourth-hand witness saying that Jon Corzine knows where that MF Global money went.
Jon Corzine doesn't know where the $1.2 billion lost by MF Global went, according to the prepared testimony he's planning to give at a House panel on Thursday, in which he says he'll try to answer regulators' questions without invoking the Fifth Amendment as had been expected.
When Jon Corzine placed shaky trades on European sovereign debt and made the bad decisions which sunk MF Global, he did so despite warnings from his chief risk officer.
After talks on bankrupted financial firm MF Global in three separate congressional committees, the House Agriculture committee became the first to pull the trigger today by issuing a subpoena to its former CEO and former New Jersey Senator Jon Corzine, reports the BBC.
James Giddens, a trustee of Jon Corzine's now bankrupt MF Global, says the company the total of missing customer money may be $1.2 billion -- double the roughly $600 million previously estimated by some regulators.
The other shoe dropped in the MF Global bankruptcy after the company fired 1,066 of its employees today.
The decisions that Jon Corzine was held responsible for as CEO of the now-bankrupt MF Global were ones he had been warning against only a bit earlier as New Jersey governor, as Jon Stewart laid out in a series of clips on last night's Daily Show.
Jon Corzine, a former senator, governor, and CEO of Goldman Sachs, has a new former title today.
In a series of new reports on MF Global's bankruptcy, Jon Corzine's colleagues are attesting to the former New Jersey governor's deep involvement crafting the strategy that lead to the firm's collapse
In a mere 24-hours, MF Global has gone from being a bankrupt brokerage firm with a famous CEO to a federal investigation soon involving the FBI.
After teetering on the brink of collapse, financial firm MF Global filed for bankruptcy yesterday, causing a hellstorm for both Wall Street and the company.
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