The MF Global theft

from the nyt...

Federal investigators examining the final days at MF Global and how customer money went missing are poring over scores of wire transfers in and out of the brokerage firm, including the possible movement of $325 million that may have belonged to customers, according to people briefed on the matter.

The suspicious transfer, which until now has not been made public, was first discovered in the early hours of Oct. 31, the day the firm filed for bankruptcy. Initially, the firm attributed a shortfall of more than $1 billion in customer money to an “accounting error,” records show. But after hours of searching, executives acknowledged to regulators in the firm’s offices in Chicago that the shortfall was real — and may have been caused in part by the $325 million transfer, said one of the people briefed on the matter.

It remains unclear where that money went, or even if it belonged to customers. But it is one of many significant wire transfers that federal authorities — including the Commodity Futures Trading Commission and the Federal Bureau of Investigation — have spent months reviewing to piece together MF Global’s final days.

pushing aside the patent b.s. lack of "clarity" about where the money went, atrios chooses to call it what it really is...

When a billion bucks or so goes "missing" it isn't due to complexity, or accounting errors, or those crazy moments right before the firm went bankrupt. It's theft. The money was stolen from customers and then given to somebody else. Precisely why, by who, and to whom are questions that should be answered, but the underlying issue shouldn't be obscured. People were robbed. [emphases added]

seems to be a lot of thievery goin' around these days...

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