MF Global Missing Funds Said to Be Found

[SugarShack]

http://www.bloomberg.com:80/news/2011-11-04/mf-s-missing-client-funds-said-to-be-located-in-jpmorgan-custodial-account.html

MF Global Missing Funds Said to Be Found
By Cristina Alesci and Matthew Leising - Nov 4, 2011 2:17 PM ET

MF Global Holdings Inc., the bankrupt futures brokerage, has located $658.8 million in missing customer funds in a custodial account at JPMorgan Chase & Co. (JPM), according to two people with knowledge of the matter. The account contained a total of $2.2 billion as of Oct. 31, which includes both the firm’s own money and customer funds, according to one of the people, who declined to be identified because the information is private. MF Global’s customer funds had a shortfall of $633 million, or more than 11 percent, out of a segregated fund requirement of about $5.4 billion, regulators said yesterday.

Jon Corzine, the former co-chief executive officer of Goldman Sachs Group Inc. (GS), quit as chairman and CEO of New York- based MF Global, the firm said today in an e-mailed statement. Corzine, 64, who was paid more than $4 million since joining the firm 20 months ago, won’t seek severance pay, the company said. Corzine’s resignation came four days after the bankruptcy filing as the company’s bets on European sovereign debt rattled investors.

The Commodity Futures Trading Commission has been investigating the missing funds. The regulator sent a subpoena seeking information about the money to MF Global’s auditor, PricewaterhouseCoopers LLP, a person briefed on the matter said yesterday, asking not to be named because the matter isn’t public. MF Global received a statement today from JPMorgan that showed the funds in the account, one of the people said. Tiffany Galvin, an MF Global spokeswoman, declined to comment. Mary Sedarat, a spokeswoman for JPMorgan, had no immediate comment.

To contact the reporters on this story: Cristina Alesci in New York at [e-mail]; Matthew Leising in New York at [e-mail]

[Myrina]

1. "Oh, silly money! There it is!!"

:wtf: ?????

[Davis_X_Machina]

2. Hey. Those are my couch cushions you're burrowing around in...... n/t

[SugarShack]

3. Thanks for the kicks this needs to be watched

:popcorn:

[nradisic]

4. they just wanted to skewer Corzine...

The company obviously went belly up, but the hysteria over the missing money was nothing more IMO than trying to smear Corzine...

[Mojeoux]

5. Kick and Rec

Just give back the money.
:grr:

[DainBramaged]

6. And I said this eariler while the DU braintrust wanted to hang him

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=2241511&mesg_id=2241766

[jeff47]

8. You should probably stop celebrating

JP Morgan says they don't have the missing money.

http://www.cnbc.com/id/45167221

[DainBramaged]

9. Does it look like I'm celebrating?

Let's hang the Dem, OH LOOK ANTHONY WEINER...........................

[jeff47]

10. Yes.

Covering up for bad behavior does not help. It just provides more and longer distractions that prevent us from making anything better.

We can spend weeks posting obviously bullshit stories desperately covering up for Corzine, or cut him lose. Time to do the latter, and make and example of him.

[banned from Kos]

12. You are wrong - again. There is no alleged theft by Corzine.

And Bloomberg News is far more trustworthy than some CNBC teabaggger like Santelli or Kudlow.

[girl gone mad]

16. Funny stuff.

[Kaleko]

19. Not even *alleged* theft can be said to exist in the case of the honorable

Obama supporter Corzine? Aha! Got it.

Let's put Business Insider on our black list as well, along with Matt Taibbi, Zero Hedge and whoever else reports on facts you disagree with.

UPDATE: JPMorgan Denies That It's Holding The Missing MF Millions

Read more: http://www.businessinsider.com/found-the-missing-mf-millions-in-an-account-at-jp-morgan-2011-11

(Edited to fix link)

[jeff47]

21. CNBC isn't the only ones reporting it.

Not to mention the gaping holes in the Bloomberg story.

As for Corzine's crimes, MF has already admitted that the company mixed their money and client's money. So Corzine's on the hook for that. We'll have to see what other things come out of the investigation.

[DainBramaged]

20. Right, as usual YOU know all of the facts

Meh, go bother someone else

[jeff47]

22. They've already admitted to mixing client's money and company money.

They will go down for that alone. Propping them up against other charges doesn't serve any purpose. Might as well wait and see what else comes out.

[madinmaryland]

13. You gotta remember there are a lot of Nancy Grace's here on DU who believe you're guilty

until you can prove yourself innocent, and then it was probably because the jury fucked up.

[jeff47]

23. It's a lot easier to believe they're guilty when they've already confessed. (nt)

[madinmaryland]

24. You just proved my point. nt

[jeff47]

25. So...confessing to a crime isn't a reason to believe they committed a crime?

Boy you must really love Corzine.

[jeff47]

7. JP Morgan denies having MF Global's missing money.

http://www.cnbc.com/id/45167221

[girl gone mad]

11. How much is Bloomberg getting paid to write these stories?

[quakerboy]

14. Hang on a sec

If they were short 659 million, and they just found 2.2 billion, wouldn't that mean they are no longer bankrupt? Maybe they owe other money as well?

Also.. isn't mingling company money and customer money a no-no?

[BOG PERSON]

15. well, it's always in the last place you look.

[customerserviceguy]

17. Maybe that's what MF stands for

"Missing funds". Silly me, I thought of something completely different when I saw "MF"!

[Name removed]

18. Deleted message

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