Report Shines Light on MF Global's 'Alternative Calculation'

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Friday, June 15, 2012

Jon Corzine, former CEO of MF Global, testifies before a Senate Committee. (Chip Somodevilla/Getty)

The collapse this past October of the commodities firm MF Global has remained a high-finance whodunit for months now. How could as much as $1.6 billion in supposedly protected customer assets just disappear? Where did the money go? And who made the decisions that led to the firm’s destruction?

Answers have been emerging slowly, if at all, until very recently. Last week a version of "What Happened at MF Global" appeared in the form of a report from the firm’s liquidation trustee. While the trustee says the report, nearly 200 pages in length, doesn’t yet tell the whole story, it says a couple of things to New York Times business columnist James B. Stewart: about the people who ran MF Global and about the regulators and the regulations that are supposed to protect consumers of financial products.

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Comments [1]

Stanley Lenkowsky from NY, NY

The whole case is disgraceful, and what is even more so is that it was apparently legal?! Maybe not customary, but it passes through a legal loophole?

Jun. 15 2012 09:26 AM

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