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March 23, 2012

Oh My: Customer Funds Unlawfully Used To Cover MF Global's Debt Per Direct Order of John Corzine, Email Says

MF Global went $200 million into overdraft for its own firm business (its own accounts, its own profits) and I guess they didn't have the money to cover that.

So what did they do?

They sent JPMorgan customer monies, which are supposed to be segregated and cannot, of course, be used for the firm's own business.

That would count as an "involuntary loan," and if it's not paid back, and "involuntary taking." Like if I need my neighbor's car, for example. And just happen to maybe take it out a few nights a week.

And then I sold it for hookers & action figures.

Like: Theft.

This was so rank that JPMorgan wrote back for written reassurance that these funds were the firms', and not MF Global's.

MFGlobal did not write back. It ignored the letter. So, they knew what they were doing was wrong. It was not a mistake. They needed cash so they swiped some from clients. Which was then lost.

At Hot Air: Corzine claimed in his sworn testimony he "never" instructed anyone to use client funds for his own uses.

Care to amend that testimony, JC?

If this $200 million was swiped and "vaporized," I think I have a suspicion about the fate of the full $1.2 billion. Steal little, steal big. (Did I just say stealing $200 million was stealing little?)


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posted by Ace at 07:42 PM

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