MF Global is becoming more of an embarrassment each passing day . First a half a billion dollars of missing money . Now a billion , and no one including Jon Corzine, knows where it is . Laughable! To add insult to injury , the firm allegedly( out of sheer desperation) borrowed client funds from customer accounts(a huge no, no) and then subsequently declared bankruptcy, effectively fu__ing all their customers again. Still, no criminal charges.
Then , this past week Mr. Corzine appears in front of Congress, doesn't invoke the 5th Amendment and is treated with "kid gloves ". Don't make me gag! Am I the only one seeing this for what it really is? The firm at Corzine's direction took wildly risky positions on European debt . They lost their shirt, took money from clients in a desperate attempt to save their asses and then lo and behold declare bankruptcy. Their attitude is "these things happen on Wall Street ". That's bullshit! This conduct is totally unacceptable and the culpaility of MF Global starts at the top.
I'm still in utter disbelief that one simple , little, tiny tiny question hasn't been answered yet...Who gave the order to use their client's funds for company use ? Let's start there .
This has been Wall Street analyst Steve Goldman reporting.
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