Labels: currency crisis, economic collapse, financial meltdown, global banking, Tyler Durden
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posted by profmarcus at
5/14/2012
MF Global Trustee Says Shortfall Could Exceed $1.2 Billion
The theft by MF Global was not stealing hundreds of millions form its customers: it has stolen a whopping $1.5 billion
Labels: banksters, hedge funds, MF Global, theft, Tyler Durden, Zero Hedge
Submit To Propellerposted by profmarcus at
11/21/2011
Even as we hear rumblings that the MF fire is spreading, and the associated auditor of the now infamous former Primary Dealer is about to get in serious hot water, the bankrupt company itself continues to dig itself an ever deeper grave. Because according to a just filed motion by the MF Global liquidating trustee, it seems that the gross criminal activity by the company may have been orders of magnitude bigger than anyone has expected. To wit: "As a result of the apparent segregation violations and the suspension of clearing privileges, more than 150,000 customer accounts essentially were frozen on October 31, 2011, of which more than 50,000 accounts were regulated commodities customer accounts. The CME estimates that MFGI’s current segregated funds requirement is approximately $5.45 billion. Moreover, the total amount of MFGI customer segregated funds on deposit at the CME is approximately $2.5 billion, and the clearing-level segregated collateral is approximately $1.5 billion or approximately 60 percent of the MFGI customer segregated funds on deposit at the CME." Doing some quick inverse addition and we get a (w)hole of $5.45 less $2.5 less $1.5 or $1.45 billion. In other words, the theft by MF Global was not stealing hundreds of millions form its customers: it has stolen a whopping $1.5 billion! For those confused, this is not a rogue loss of $1.5 billion, something which was enough to send UBS' Kweku to prison. This is outright theft resulting from illegally commingled accounts. Our only question is will $1.5 billion in theft be enough for the first real perp walk of an Obama-friendly Wall Street executive?
Labels: CME, investor fraud, Jon Corzine, MF Global, Tyler Durden, UBS, Wall Street, Zero Hedge
Submit To Propellerposted by profmarcus at
11/03/2011
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