This just in Jon Corzine has been subpoena'd by the House committee. About time!
It's amazing how few answers they have at this point, isn't it?
The most recent development is that the trustee announced he would release more cash, they are mailing out claim forms next week.
But here's a problem: The balances/statements are no longer accessible so unless you downloaded your statement the day of the bankruptcy you don't known exactly how much cash to claim.
The record-keeping is a nightmare. I'm wondering what's going to happen with year-end tax documents.
Scott I am with the disgruntled. I also have lost faith in our regulatory agencies they fail to address the issues and leave investors vulnerable to fraud. How many more do we need to see before there is really something done to prevent investors from being burned. I am sure the SIPC won’t be offering any protection from funds lost in this debacle, there will be a pat answer shortly.
Re: The best way to rob a bank is to own one
Scott Raynovich
11/16/2011 6:34:31 PM
A agree with Value Hiker. Everybody will try to downplay it it is in their best interest. It's amazing how fast people forget about this stuff.
Remember how Japan was sinking into the ocean with a triple-nuclear meltdown just 8 months ago?
Re: The best way to rob a bank is to own one
Value Hiker
11/16/2011 5:47:41 PM
Unless people like Michael Moore want to step in and expose the whole scandal to main street investors, both SEC & Wall Street will down play the MF Global debacle like they did on the LTCM, Moody's, Madoff, etc. There are already too much heat on both entities and another scandal is that last thing they need now.
Re: The best way to rob a bank is to own one
Noreen Seebacher
11/16/2011 1:11:53 PM
I think as soon as Main Street understands it's about banker fraud instead of "commodities" or "hedging" then it will sink in.
Re: The best way to rob a bank is to own one
Scott Raynovich
11/16/2011 11:35:38 AM
Value Hiker,
Regardless of who the MF Global clients are, don't you think this has implications for overall trust in the system, given its high profile? I mean, if $600M can disappear there, it can disappear anywhere.
--Scott
Re: The best way to rob a bank is to own one
Drivewaygirl
11/16/2011 8:52:59 AM
It will be interesting to see how the scandal translates to Main Street as the fallout intensifies,
Re: The best way to rob a bank is to own one
Dex
11/16/2011 8:34:20 AM
The value of sites like Investor Uprising is demonstrating to Main Street that Corzine is exactly the type of unscrupulous banker the OWS movement is somewhat nebulously targeting.
Re: The best way to rob a bank is to own one
Value Hiker
11/15/2011 12:49:05 PM
Yaland,
I don't think MF Global Scandal will make more noise than "Occupy Wall Street". The reason is simple: Most account holders at MF global are sophisticate investors, who trades options like Scott. Not many main street investors got involved.
It is like the crash of Long Term Capital, which had profound impact on the financial industry, but most main street investors barely felt the impact.
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