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Saturday, March 24, 2012

MF’s Corzine Ordered Funds Moved to JP Morgan, Memo Says

I believe that MF Global stole client money. If Corzine isn't prosecuted for grand theft and breach of his fiduciary obligation to safeguard his client's money, then he will join a long line of un-prosecuted financial criminals. In America, crime really does pay and it pays big but only if you are politically well connected.
Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in a brokerage account with JPMorgan Chase & Co. (JPM), according to a memo written by congressional investigators. Edith O’Brien, a treasurer for the firm, said in an e-mail quoted in the memo that the transfer was “Per JC’s direct instructions,” according to a copy of the memo obtained by Bloomberg News. The e-mail, dated Oct. 28, was sent three days before the company collapsed, the memo says. The memo does not indicate whether that phrase was the full text of the e-mail or an excerpt.
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