MF Global used $600 million of client money to cover debt – NYTimes.com

Posted by deslava27 |

MF Global Is Said to Have Used Customer Cash Improperly – NYTimes.com.  The headline for this article from the dealbook is MF Global Is Said to Have Used Customer Cash Improperly, the real headline should have been company lost its clients $600 million to cover its debt.  What is worse is “Neither the firm nor Mr. Corzine have been accused of wrongdoing.” No wrong doing? $600 million dollars were used from client pension and insurance money to cover the risky trade the company had taken on commodities and hedge funds, and no wrong doing? Of course there was wrong doing, the company stole from its clients to hide its massive losses.  This is another example of a company on wall street using millions of its clients money to gamble for profits. And now no one know exactly what debts were paid, where this money is, or how to recover it. So far the bankruptcy court has offered 60% to the clients so far. The lucky ones were the people who pulled their money out before the run on MF Global began. 60 percent? an acceptable loss for retirement accounts? You save money all your life to lose 40% of it to a company that used your money to bet on the market. Ridiculous. Worse off the company and its employees had no wrong doing in the matter.