Re: My sympathies
Phoenix
11/7/2011 11:37:05 AM
I'm really sorry to hear about all this Scott. I hope the responsible authorities will at least try to work at getting new regulations in place so that this type of things do not happen in the future. I hope they find a way to repay the affected clients including you.
SEC is useless, as witnessed by Madoff.
The primary regulatory agency here is CFTC, run by Jon Corzine's former Goldman Sachs buddy Gary Gensler -- who has had to recuse himself due to conflict of interest. Does that answer your question?
Scott I am sorry you are caught up in this, it’s a wakeup call to us all. Where is the SEC in all of this?
Re: My sympathies
AskAsa
11/7/2011 10:34:24 AM
Corzine is a real piece of work. The NYT had a story last week detailing how he lobbied intensely to keep the Commodity Futures Trading Commission from passing a new rule prohibiting firms from using client money to trade for itself.
The story explains, "As a former United States senator and a former governor of New Jersey, as well as the leader of Goldman Sachs in the 1990s, Mr. Corzine carried significant weight in the worlds of Washington and Wall Street. While other financial firms employed teams of lobbyists to fight the new regulation, MF Global’s chief executive in meetings over the last year personally pressed regulators to halt their plans."
Well, I am lucky, it is a relatively small portion of my worth.
But imagine right now there there are people that do this for a living, floor traders, who have their entire nut locked up in court -- some folks like $500,000-$1M.
To boot, doesn't this raise serious questions about the integrity of the entire financial system? I don't think that customer segregated money has ever been "lost." Customers of Lehman brothers even got their money back. So the fact that this happened under the noses of the CFTC, CME, and New York Fed and these customers had their accounts sequestered is ridiculous.
That is THE POINT. How did this happen? And does it mean that nobody's money is safe from the bankers and the lawyers?
Re: My sympathies
driven
11/7/2011 10:29:24 AM
Did you hear about the bounced checks? Matthew Goldstein writes:
It appears that 10 days ago, with speculation swirling that the Jon Corzine-led firm would soon file for bankruptcy, a good number of customers started to put in requests to pull their money from the New York-based outfit. But instead of simply wiring that money back to their customers, it seems MF Global tried to buy some time for itself by sending that money back via snail mail in the form of an old-fashioned check.
Those checks cut by the folks at MF Global began arriving in customer mailboxes this week, several days after the firm filed for bankruptcy on Oct. 31 in New York federal court. And by the time customers started depositing those checks, they were rejected as having insufficient funds.
Scott, the first thing to cross my mind after reading this is "So sorry to hear about your loss." This missing money seems less likely to be "found" the longer this travesty continues. It's not like a piece of paper someone filed incorrectly, for God's sake! It's millions of dollars. You think someone would know where they stashed it (unless they spent it, which I think is more likely).
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