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Who Would Have Thunk It?

Those looking into the collapse of MF Global reckon they have found 90% of the coin that mysteriously disappeared from clients  accounts.

Dealbook…..“Investigators have determined what happened to nearly all of the customer money that disappeared from MF Global around the time of its bankruptcy last Oct. 31, but have not publicly disclosed their progress, fearing that doing so might cripple efforts to recover the cash and pursue potential wrongdoing, people briefed on the investigation said.

While authorities have traced hundreds of millions of dollars to banks, MF Global’s trading partners and even the firm’s securities customers, investigators remain uncertain about whether they can retrieve the money.

Some recipients were entitled to payouts from MF Global, which could make clawing back the money difficult. For instance, securities customers withdrawing their money as MF Global began to collapse were paid from accounts that belonged to futures clients, according to other people briefed on the matter.”

 

I have to admit I am surprised about this, I thought that this would have been a lost cause and that the money pilfered from accounts was simply gone. My expectations was that we would get the usual despite our best efforts we have not found a thing excuse followed by someone close to the deal buying an island. Thereby leaving the poor MF clients to receive the rough end of the pineapple right up the backside

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Comments

  1. I’m still patiently awaiting the return of the $45.25 that was sitting in my MFG cash account!

    • They did say 90% so I would expect a cheque for $40.72 less of course the auditors very reasonably fee of $1,000,000.00 per day. So my guess is you owe them money 😉

      • Grin. While I can afford to be a little blasé about my trivial losses I do genuinely feel for those with larger sums sitting in limbo. Had this occurred 2 years ago I may be a little less so. It has certainly been a reinforcement of your teachings around leaving as little funds as possible sitting in brokers accounts.

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