WOO-HOO...!! MF Global missing money now up to $1.7 BILLION...!!

holy shit...!

$1.7 Billion Customers' Money Missing From MF Global

The amounts of customer funds missing from MF Global have multiplied from $633 million to $1.2 billion yesterday– and now $1.7 billion today, according to Vincent (Trace) Schmeltz III , the attorney for the 80 member Commodity Customers Coalition. Schmeltz is a member of the Barnes & Thornburg law firm in Chicago

This new figure is the result of the inability by the Trustee and the CME (the Chicago Mercantile Exchange) to find more than $3.7 billion in customers funds rather than the $5.4 billion projected just after MF Global filed for bankruptcy on October 31.

Apparently, on October 31, the CME reported segregated funds totalled $5.4 billion. The next day– on November 1st, the CME suggested that $633 million was lost and unaccounted for. But, by yesterday, November 21, the Trustee reported that he could find only $3.7 billion in assets. Neither Schmeltz nor Koutoulas can understand why the CME declared only $1.2 billion missing yesterday– because if only $3.7 billion has been found of the original $5.4 billion segregated accounts– this suggests that the missing amount of segregated funds now totals $1.7 billion.

i'm getting the feeling that there's still another shoe to drop... maybe even an entire freakin' shoe STORE...

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MF Global is back in the news and about goddam time

mm-hmmmm...

MF Global Trustee Says Shortfall Could Exceed $1.2 Billion

back on november 3, i posted this, courtesy of zero hedge...

The theft by MF Global was not stealing hundreds of millions form its customers: it has stolen a whopping $1.5 billion

i just love that word "shortfall"... it sounds so much better than theft, doesn't it...?

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The US government itself and its regulatory agencies ... are being privatized as the "final stage" of neoliberal economic doctrine

we're headed there with the speed of a bullet train...

The Plan to Steal Everything and Sell the People into Slavery
Wisconsin Death Trip


[...]

Economics textbooks, along with Fox News and shout radio commentators, spread the myth that fortunes are gained productively by investing in capital equipment and employing labor to produce goods and services that people want to buy. This may be how economies prosper, but it is not how fortunes are most easily made. One need only to turn to the 19th-century novelists such as Balzac to be reminded that behind every family fortune lies a great theft, often long-forgotten or even undiscovered.

But who is one to steal from? Most wealth in history has been acquired either by armed conquest of the land, or by political insider dealing, such as the great US railroad land giveaways of the mid 19th century. The great American fortunes have been founded by prying land, public enterprises and monopoly rights from the public domain, because that's where the assets are to take.

Throughout history the world's most successful economies have been those that have kept this kind of primitive accumulation in check. The US economy today is faltering largely because its past barriers against rent-seeking are being breached.

Nowhere is this more disturbingly on display than in Wisconsin. Today, Milwaukee – Wisconsin's largest city, and once the richest in America – is ranked among the four poorest large cities in the United States. Wisconsin is just the most recent case in this great heist. The US government itself and its regulatory agencies effectively are being privatized as the "final stage" of neoliberal economic doctrine.

and it must be stopped...

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