– $600 Million Missing From MF Global Accounts (Reuters, Nov. 16, 2011) – Gerald Celente Just Got Burned By MF Global Bankruptcy: Gold Future Positions And Account Closed, Money Gone (RT, Nov. 14, 2011 – Video)
– MF Global customer accounts may be missing $1.2 billion, trustee says (Washington Post, Nov. 21, 2011):
The amount of customer funds missing from accounts at the bankrupt brokerage MF Global “may be as much as $1.2 billion or more,” the trustee overseeing the firm’s liquidation said Monday.
That would be roughly double previous estimates of about $600 million.
In a statement, trustee James W. Giddens said the estimate is preliminary and “may well change.”
MF Global collapsed while under the leadership of Jon S. Corzine, who was previously governor of New Jersey, a U.S. senator, and the head of Goldman Sachs. MF Global made costly bets on European government bonds.
A variety of federal and industry authorities, including the FBI, have been trying to track down money that should have been kept in customer accounts.
“At present, the Trustee believes that even if he recovers everything that is at US depositories, the apparent shortfall in what MF Global management should have segregated at U.S. depositories may be as much as $1.2 billion or more,” the trustee said in the Monday statement.
The trustee said his investigation is continuing “around the clock” in close coordination with the Department of Justice and others.