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"It's not like we looked behind a couch cushion and were like, 'oh, there it is,'" CFTC...

"It's not like we looked behind a couch cushion and were like, 'oh, there it is,'" CFTC commissioner Bart Chilton says of the $659M in MF Global (MFGLQ.PK) funds discovered in a JPMorgan account. Sources say $593M in client funds remains unaccounted for.
Comments (23)
  • Trader2708
    , contributor
    Comments (214) | Send Message
     
    This is hilarious, 659M just found at JP Morgan. It is not a needle.
    5 Nov 2011, 06:40 PM Reply Like
  • Bouchart
    , contributor
    Comments (755) | Send Message
     
    At my workplace, the supply cabinets are locked and I can't so much as take a pen without permission. What kind of company has hundreds of millions of dollars just vanish without any oversight? One run by crooks.
    5 Nov 2011, 07:05 PM Reply Like
  • Karen Consumer
    , contributor
    Comments (155) | Send Message
     
    "Ooops, our bad" is no longer a valid excuse. Please try something else.
    5 Nov 2011, 07:11 PM Reply Like
  • Trader2708
    , contributor
    Comments (214) | Send Message
     
    Resume: everyone with a common sense of decency is disgusted, but Corzine, he is just "saddened". He will get away with this, instead of going to the slammer. But hey, he was a Governor of NJ and also a senator. And he robbed people blind. Lying bastard.
    5 Nov 2011, 07:28 PM Reply Like
  • David Urban
    , contributor
    Comments (1036) | Send Message
     
    I would think that this would be as simple as checking wire transfer records.

     

    Any movement of cash over $5,000 is reported to the Federal Reserve. Amounts of this size should stick out.

     

    If they made a bad bet on European sovereign bonds (which seems to be true) and pulled client money to cover margin calls on the prop books it should be fairly simple to trace where the money went.
    5 Nov 2011, 07:30 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4059) | Send Message
     
    Isn't it 10k? 5k is too small of an amount actually.
    6 Nov 2011, 01:02 AM Reply Like
  • David Urban
    , contributor
    Comments (1036) | Send Message
     
    It was 10K but then they lowered to 5 in the last few years. It was stashed in a bill requiring people to disclose their overseas investments.
    6 Nov 2011, 01:41 AM Reply Like
  • Trader2708
    , contributor
    Comments (214) | Send Message
     
    Maybe Goldman Sucks has the rest? Or someone should check at the Federal Reserve?

     

    But wait, Uncle Benny told us that he was not obliged to check on MF Global. Something fishy is going on here...
    5 Nov 2011, 07:33 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4010) | Send Message
     
    It looks like MF bet the ranch and tried to cover with client funds in a desperate attempt to ride out a bad trade. Early reports suggest Corzine managed the debacle personally. Now he's lawyered up. Maybe we'll see one of these sleaze balls do the perp walk after all.
    5 Nov 2011, 08:53 PM Reply Like
  • Apacheleadership
    , contributor
    Comments (61) | Send Message
     
    Corzine has been pounding everybody's culo ever since his days at GS. Looks like he may just get some of his own in the penitentiary. Lawyer up buddy, you still gonna get it in the end. Old rich crooks like him with soft hands are chicken dinner for boys tryin' to make a name for themselves in the house.
    5 Nov 2011, 09:18 PM Reply Like
  • bearfund
    , contributor
    Comments (1534) | Send Message
     
    It's a nice thought, but it won't happen. He'll end up in "protective custody", an isolated holding area away from other inmates. If his lawyers are good, he may even be able to serve his time in a country club in exchange for his testimony and plea. Just the way things go!
    6 Nov 2011, 11:29 PM Reply Like
  • Andrew Ling
    , contributor
    Comments (163) | Send Message
     
    During the elections 7 years ago I had to laugh the first time I heard the governor's name was Corzine with close ties to "labor" in New Jersey. Remember, this was during the peak of the Sopranos popularity. What a surprise he turns out to be the biggest mobster of them all.
    5 Nov 2011, 10:54 PM Reply Like
  • mgj
    , contributor
    Comments (15) | Send Message
     
    Seeking Alpha, I think you mean AWOL.
    5 Nov 2011, 11:03 PM Reply Like
  • slickvguy
    , contributor
    Comments (498) | Send Message
     
    lol. Can you believe that headline? Very impressive. AWOL vs. AOL.
    AOL should be that lucky. ;)

     

    Actually, I believe MIA would be more appropriate.
    6 Nov 2011, 03:44 AM Reply Like
  • thechaser
    , contributor
    Comments (461) | Send Message
     
    and I know people who wonder why I trumpet the rigged game?

     

    also, hey folks, this is a business forum with some decorum; let's watch our language even if it is vulgar slang in another idioma
    6 Nov 2011, 07:53 AM Reply Like
  • who me
    , contributor
    Comments (23) | Send Message
     
    The gangster banksters and their partner BENNY and the FEDS
    will completley deny any and all knowledge of MF GLOBAL'S
    dealings ,especially JP MORGAN. Looking forward to a big rally
    Monday morning.
    6 Nov 2011, 08:08 AM Reply Like
  • Howxotk
    , contributor
    Comments (3) | Send Message
     
    I'm not really sure the difference between Madoff and MFGlobal. In both cases money has been mis-appropiated and basically stolen.
    6 Nov 2011, 10:08 AM Reply Like
  • David INC.
    , contributor
    Comments (221) | Send Message
     
    Ya, I overdraft my checking account $5, I get alerts, and a huge fee. I'm sure the bank will call the cops if a customer tries to "Get away" with something.
    6 Nov 2011, 12:08 PM Reply Like
  • KJP712
    , contributor
    Comments (437) | Send Message
     
    The account was labeled under the name Sant.A. Clause.A minor mistake,that is all it was.
    6 Nov 2011, 01:55 PM Reply Like
  • LKofEnglish
    , contributor
    Comments (4386) | Send Message
     
    the bigger story is the loss of liquidity itself from the collapse of MF Global. Everyone know it's a big deal...except all of you of course. Don't worry! "It's just a cool trillion."
    6 Nov 2011, 02:32 PM Reply Like
  • Good Captain
    , contributor
    Comments (454) | Send Message
     
    For any of you familiar w/ the situation; if the $ were in fact gone, what, if any, recourse excluding lawsuits, would clients have in attempting to get their money back? I'm unaware of any recourse.
    6 Nov 2011, 04:57 PM Reply Like
  • Vuke
    , contributor
    Comments (1645) | Send Message
     
    They seek it here, they seek it there,
    Those regulators seek it everywhere.
    Is it in heaven or is it in hell?
    Unless it turns up, things won't go well.
    6 Nov 2011, 10:56 PM Reply Like
  • golfitobob
    , contributor
    Comments (2347) | Send Message
     
    http://bit.ly/uxgzk7

     

    JPM say nyet !

     

    All smoke screen an Big John only has Barry to help now. But, Barry will chuck him under the bus unless John knows where so Chicago skeletons are ! eh !
    7 Nov 2011, 05:05 AM Reply Like
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