MF Global

Stories 1 - 20 |  Next >>

Charges Unlikely in MF Global Collapse

Investigators decide loss was caused by recklessness, not fraud

(Newser) - If you're holding your breath waiting for criminal charges in the MF Global case, you're probably never going to breathe again. Heading into the home stretch of their probe into the collapse, criminal investigators have all but concluded that while the firm may have been reckless, it didn'... More »

Corzine-MF Global Debacle Reeks of Cronyism

Peter Schweizer thinks Eric Holder needs to recuse himself

(Newser) - If there's one issue that seems to unite people of all political persuasions, it's "the Justice Department's unwillingness or inability to charge, prosecute, and seek conviction of a single Wall Street executive in the wake of the largest financial collapse in US history," writes Peter... More »

Email on Money Transfer Could Be Trouble for Corzine

It links him to MF Global's use of missing customer funds

(Newser) - Jon Corzine may not be in legal hot water just yet over MF Global's missing money , but the temperature's definitely getting warmer thanks to a newly surfaced email. It shows that the former CEO ordered the transfer of $200 million from a fund with customer cash to cover... More »

MF Global Execs to Still Get Bonuses

COO, CFO, and general counsel stuck around to help trustee

(Newser) - MF Global may have gone down in a ball of flames, but its chief operating officer, chief financial officer, and general counsel are all likely to get six-figure performance-based bonuses anyway, the Wall Street Journal reports. All three execs stuck around after the crash to help trustee Louis Freeh deal... More »

MF Global's Missing Cash May Be Gone Forever

Corzine company's trades may have 'vaporized' more than $1B

(Newser) - As officials search for the remainder of missing MF Global cash—which one insider puts at more than $1 billion—some are starting to fear the worst. In the words of one source to the Wall Street Journal : A "significant amount" of the money could have "vaporized,"... More »

Emails Offer Clues to Missing MF Global Millions

$200M of customer cash transferred to JPMorgan

(Newser) - Investigators on the trail of the $1.2 billion in customer funds still missing after the collapse of MF Global have found emails detailing money transfers made in the securities firm's dying days at the end of October. One email chain details the transfer of $200 million—believed to... More »

Regulator: Corzine Knew About Client Cash Grab

Corzine disavows any knowledge of transfers

(Newser) - Jon Corzine disavowed all knowledge of MF Global's missing client funds in his latest Capitol Hill testimony yesterday, telling a Senate panel that he had "never directed anyone" to dip into customer funds. But soon after, the chairman of CME Group—MF Global's regulator—testified that Corzine... More »

Corzine: 'I Simply Do Not Know Where the Money Is'

Former MF Global chief testifies today

(Newser) - In an appearance before a House panel today, Jon Corzine plans to offer up an apology—but not much else. "I simply do not know where the money is, or why the accounts have not been reconciled to date," the former MF Global chief will testify before the... More »

Corzine Blew Off Risk Officer

CRO Michael Roseman went to board of directors with fears

(Newser) - Jon Corzine can’t say that nobody warned him that his bets on European debt might ruin MF Global, because his chief risk officer did just that—repeatedly. Michael Roseman told Corzine that the company didn’t have the cash to handle the risk it was taking on, and that... More »

House Panel Subpoenas Corzine

He is expected to testify on Capitol Hill next week over MF Global

(Newser) - A congressional panel has subpoenaed Jon Corzine to testify next week about his role leading MF Global, the brokerage firm that collapsed five weeks ago after a disastrous bet on European debt. Thursday's hearing will be a rare moment in Washington. Congressional historians and Capitol Hill insiders cannot recall... More »

MF Global's Missing Cash Doubles to $1.2B

And returning even 60% of client funds will clear out trustee

(Newser) - MF Global’s problems might be even bigger than advertised—as in twice as big. James Giddens, the trustee overseeing the case, says the company now appears to be short $1.2 billion in client funds—or twice the roughly $600 million previously believed, the Wall Street Journal reports. What’... More »

MF Global's Final Days Look Even Shadier Now

Company may have delayed disclosure of missing funds

(Newser) - MF Global’s client accounts may have come up hundreds of millions of dollars short a full four days before the company filed for bankruptcy—and before it notified regulators or anyone else of the problem, sources tell the Wall Street Journal . When the firm filed for bankruptcy on Oct.... More »

1K MF Global Workers Sacked

Tracking missing funds becomes mammoth task

(Newser) - The bankrupt MF Global has informed all 1,066 of its broker dealer employees that they’re out of a job, effective immediately, the firm’s court-appointed trustee said in a statement. They’ll have their salaries paid until next week, and up to 200 will be rehired to help... More »

Volcker Rule Too 'Complicated,' Says ... Volcker

Financial lobbyists added too much, claims former Fed chair

(Newser) - How’s this for irony: The Volcker rule is too complex and long … according to the guy whose name is on the rule. "It's much more complicated than I would like to see," said Paul Volcker during a talk in Singapore today. Who’s to blame... More »

Ad for MF Global Has Unfortunate Wording

'We have convictions,' it boasts

(Newser) - It probably seemed like a dynamite slogan during the ad pitch: "Everyone has opinions. We have convictions," reads an ad for MF Global spotted by ProPublica in Barron's. Considering the newly bankrupt brokerage company can't find hundreds of millions of dollars of customers' money, the word... More »

MF Global Hid Debt From Investors

While Corzine lobbied, successfully, to curb financial regulation

(Newser) - MF Global appears to have spent the past two years hiding its debt risk from investors by temporarily slashing debt right before issuing its quarterly reports, in a shady-but-legal process known as “window dressing,” the Wall Street Journal reports. The company insists borrowing fluctuated due to “client... More »

Corzine Steps Down as MF Global Head

Apparently he did a pretty bad job

(Newser) - Jon Corzine is stepping down as both chairman and CEO of MF Global, or at least what's left of it, the firm announced today. Corzine, who drove the company into bankruptcy with bets on European debt, will decline his severance package, the AP reports; it would have been worth... More »

MF Global Ignored Warnings, Couldn't Match Shoes

Jon Corzine thought regulators' warnings were wrong

(Newser) - Those interested in the bankruptcy of MF Global—the biggest Wall Street collapse since Lehman—will be fascinated and maybe a little depressed to read the New York Times ' look at what went wrong. The big takeaway is that the brokerage company run by Jon Corzine ignored regulators' warnings... More »

FBI Investigating MF Global's Missing Cash

Regulators take an interest as lost money now totals $900M

(Newser) - For some mysterious reason (hint, it’s the missing $700 million ), the FBI and the Commodity Futures Trading Commission are taking a keen interest in MF Global’s collapse. The Bureau is investigating to see if client funds are intact, sources tell the Wall Street Journal , and the CFTC... More »

Life's Perilous When You're Not Goldman Sachs

Jon Corzine learned that the hard way, Andrew Ross Sorkin writes

(Newser) - When Jon Corzine left Goldman Sachs, he spoke openly about turning MF Global into a “mini-Goldman.” It’s, um, not working out too well . Ask insiders why Corzine got away with so heavily leveraging the company to make risky trades, and they all say the same thing, Andrew... More »

Stories 1 - 20 |  Next >>