Corzine: No clue where MF Global clients' missing money went - Trustee’s Lawyer Voices Doubt on Return of Assets

Attorney General Eric Holder testifies on Capitol Hill

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Corzine: No clue where clients' missing money went

Ex-N.J. governor tells lawmakers 'stunned' by news of disappeared funds


© 2011 Washington Post

 

 

Jon S. Corzine, the former U.S. senator and New Jersey governor who presided over the collapse of the commodities brokerage MF Global, says he cannot explain what happened to ''many hundreds of millions of dollars'' that the firm was holding for customers. 

 

In testimony prepared for delivery to Congress on Thursday, Corzine says he was ''stunned'' to learn shortly before the firm sought bankruptcy protection at the end of October that MF Global could not account for the money. 

 

Read the whole story at Washington Post

 

MF Global Trustee’s Lawyer Voices Doubt on Return of Assets

December 08, 2011, 10:13 AM EST

Bloomberg

 

 

MF Global Inc. brokerage customers have no assurance of a 100 percent return of assets as long as money is missing from the segregated accounts, a lawyer for trustee James Giddens will tell Congress.

 

James Kobak, the lawyer, said in prepared testimony for the House Agriculture Committee that the trustee’s team is engaged in “exhaustive efforts” to recover known pockets of money in U.S. depositories. Other known assets belonging to customers would take longer to bring back, since they are in the control of foreign liquidators of the defunct firm’s affiliate, he said.

Kobak is a witness in the committee’s hearing into MF Global bankruptcy being held today in Washington.

The trustee believes as much as $1.2 billion is missing, and isn’t ready to make “definitive conclusions” about what happened to it, Kobak said. The defunct company’s former chief executive officer, Jon Corzine, said in prepared testimony he doesn’t know where the money is.

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 Computerized high velocity trading ring a bell? Theft is theft. Chop his damn head off and let his kids die in prison.

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