About ten years ago I read a book that was written about 15 years ago and in it, there was one page regarding a similiar situation. I thought to myself "Huh?". When this crapola happend with MF my first thought reminded me of what I read in that book. Corzine will probably not even be charged with anything. What a f'n travesty. ps. Although I read this, I've never read anything similiar to confirm this till now.
So Corzine did nothing wrong. The rule allows him to invest customers' money and keep the profits. The common perception that customers' money must be segregated is wrong (stupid CNBC! do something research and then talk). OK, the show is over. CNBC owes an apology to Corzine and its audience, for misleading the audience and defaming Corzine. Wait, Corzine can sue CNBC for defamation, right? Oh, fuk, I will call IB and ask them where my money is, first thing tomorrow morning!
If you read the comments to that article, it is by no means clear that the writer understood the rules correctly. They mention in the article that Corzinbe was lobbying the CFTC to keep them from banning this type of gambling with customers funds. What they didn't point out is he was lobbying one of his buddies from GS and The Hill, CFTC Chairman Gensler. Clearly Gensler should follow Corzine out the door. Another democrat political hack asleep at the switch. Maybe they could put him in as the CEO of FNM or something.
Nice one ... that is how it is ... it is a F U or F ME world. The thing is that the client of MF were probably convinced and had a great amount of trust in the firm practices prior to the leadership change. When J. Corizine took the helm it should have been a red flag ... don't forget: http://empirezone.blogs.nytimes.com/tag/jon-s-corzine/ Risk taking can be profitable but if you don't take the proper measures to buckle in your accounting ... well. Welcome to Planet Misery, Akuma BUY MORE GOLD!!!
MF Global Assets Have Left The Building: How, When, Where http://www.forbes.com/sites/francin...assets-have-left-the-building-how-when-where/