Comments on: MF Global and the rubber check http://blogs.reuters.com/unstructuredfinance/2011/11/05/mf-global-and-the-rubber-check/ Where Wall St. and Main St. intersect Fri, 22 Nov 2013 23:06:16 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: TomKi http://blogs.reuters.com/unstructuredfinance/2011/11/05/mf-global-and-the-rubber-check/comment-page-1/#comment-63 Wed, 09 Nov 2011 03:45:21 +0000 http://blogs.reuters.com/unstructuredfinance/?p=189#comment-63 We need a TARP to bail out MF Global. It is TBTF. We must make sure none of its executives suffer financially, least charged with anything. That, my friend, is still the American Way!

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By: tjkong2 http://blogs.reuters.com/unstructuredfinance/2011/11/05/mf-global-and-the-rubber-check/comment-page-1/#comment-60 Mon, 07 Nov 2011 08:03:59 +0000 http://blogs.reuters.com/unstructuredfinance/?p=189#comment-60 600 plus million was embezzled from client segregated accounts, right under the collective noses of finra, cftc, and cme, which had all been on the case for months if not years.

per sources at cftc enforcement, “regulators and cme knew long before 2011 that mfg’s honor system was woefully inadequate for protecting segregated client accounts.”

additionally, the wsj reported that regulators were ‘dissatisfied’ with mfg’s september securities filing with respect to its $6.3 billion in exposure to the debt of five different european countries.

why then did three federal agencies fail to act until after corzine completed the crime, even though they knew customer accounts were woefully under protected and mfg’s filings were improper?

why did many in the financial press report that regulators acted quickly last weekend to shut down mfg and protect customer accounts even though regulators allowed corzine to walk out the front door with 600 plus million in customer funds?

could corzine have fooled the financial press, kept regulators at bay, raided segregated accounts and escaped the building without co conspirators?

judge glenn or trustee giddens might ask, who other than corzine and a few underlings had the means, motive and opportunity to commit these crimes?

mfg’s bankruptcy filing schedule of creditors sets forth the list of usual suspects.

mfg’s client accounts, encumbered only by the claims of relatively powerless individuals, might just have proved too large a pool of money for these creditors, who were owed billions, to resist. now that their security interests have become hopelessly comingled with client accounts what result do you foresee?

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By: dogbite http://blogs.reuters.com/unstructuredfinance/2011/11/05/mf-global-and-the-rubber-check/comment-page-1/#comment-59 Mon, 07 Nov 2011 04:42:23 +0000 http://blogs.reuters.com/unstructuredfinance/?p=189#comment-59 I asked for a wire. They claimed to have sent and later advised it did not go through and that they would send a check. I now have a check for sale at 50% discount.

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By: Specl_D_Msngr http://blogs.reuters.com/unstructuredfinance/2011/11/05/mf-global-and-the-rubber-check/comment-page-1/#comment-58 Mon, 07 Nov 2011 03:15:05 +0000 http://blogs.reuters.com/unstructuredfinance/?p=189#comment-58 Will MF Global deposit the checks they received? I sent a personal check to deposit in my account. They credited my account (with a hold) on Oct. 31. It has not cleared yet and I can still put a stop payment on it.

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By: StraightTruth http://blogs.reuters.com/unstructuredfinance/2011/11/05/mf-global-and-the-rubber-check/comment-page-1/#comment-57 Sun, 06 Nov 2011 20:03:28 +0000 http://blogs.reuters.com/unstructuredfinance/?p=189#comment-57 “Corzine’s behavior on Wall Street, where he returned after losing reelection to Gov. Christie, suggests that he is either a political hypocrite or an unlucky (read stupid) businessman.”
http://www.philly.com/philly/news/133308 518.html
Never mind an apology Corzine, how about #accountabiity?

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By: gruven137 http://blogs.reuters.com/unstructuredfinance/2011/11/05/mf-global-and-the-rubber-check/comment-page-1/#comment-56 Sun, 06 Nov 2011 18:17:51 +0000 http://blogs.reuters.com/unstructuredfinance/?p=189#comment-56 The CME screwed up as well. My prediction is that Corzine will try to blame his criminal behavior on some mid-level manager/lackey and he will probably just get a slap on the wrist by the authorities.

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By: estherc http://blogs.reuters.com/unstructuredfinance/2011/11/05/mf-global-and-the-rubber-check/comment-page-1/#comment-55 Sun, 06 Nov 2011 18:00:28 +0000 http://blogs.reuters.com/unstructuredfinance/?p=189#comment-55 Isn’t writing a rubber check a crime. People go to jail all the time for it. And since the supreme court has said corporations are people, send the whole damn corporation to jail. Book’em Danno.

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By: zerotosixty9 http://blogs.reuters.com/unstructuredfinance/2011/11/05/mf-global-and-the-rubber-check/comment-page-1/#comment-54 Sun, 06 Nov 2011 15:52:44 +0000 http://blogs.reuters.com/unstructuredfinance/?p=189#comment-54 I’m sure this will be blamed on a “glitch” in the system and a public apology is all it will take to get the problem rectified…. seems to be the trend these days. This country’s financial system and the people within it are SICK.

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By: Intriped http://blogs.reuters.com/unstructuredfinance/2011/11/05/mf-global-and-the-rubber-check/comment-page-1/#comment-53 Sun, 06 Nov 2011 13:53:23 +0000 http://blogs.reuters.com/unstructuredfinance/?p=189#comment-53 Normally people go to jail or pay or both. I wonder what will happen here. As a private citizen I am sure I will go to jail if I am unable to cover a check over 100 dollars.

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By: MarkRittmayer http://blogs.reuters.com/unstructuredfinance/2011/11/05/mf-global-and-the-rubber-check/comment-page-1/#comment-52 Sun, 06 Nov 2011 13:17:41 +0000 http://blogs.reuters.com/unstructuredfinance/?p=189#comment-52 Checks are normal but you know what you sent out so the check register should reflect the checks and they should have been funded. That said no reason to pay when others are also involved and losses are unusual….so the right things happened…..As governor of NJ Corizine does the same with property tax rebates…you pay the full tax and then apply for a check 6 months later you get a check….so in effect you just have to pay your next installment with the check you just got no real rebate just a flim flam scam….no different

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