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MF Global: Another drip in the Global Financial System

 
 
Reply Tue 1 Nov, 2011 05:39 pm
Quote:
The FBI and federal prosecutors are investigating how some $600 million of MF Global customers' money has gone missing, CNN learned Tuesday from sources close to the probe.
The investigation of MF Global (MF) is being conducted by the FBI and other federal regulators, including the U.S. Securities and Exchange Commission and the Commodities Futures Trading Commission.
This past weekend, executives at MF Global had been scrambling to sell the firm to Interactive Brokers, but the missing money cost the firm the deal and forced it into bankruptcy, regulators said.
Earlier on Tuesday, Craig Donohue, CEO of CME Group (CME), the operator of the nation's largest commodity exchanges, told analysts that his firm has determined MF Global had broken government and CME rules requiring it to keep its customers' funds separate from the firm's assets.
Donohue said the CME is still investigating the extent of the violation. He also announced that floor brokers and traders guaranteed by MF Global or its division have been barred from CME's trading floors.


http://money.cnn.com/2011/11/01/news/economy/mf_global_fbi_investigation/index.htm?hpt=hp_t2

Just what we dont need, another huge bankruptcy bringing to light a major financial powerhouse violating the rules/law/ethics. This is the 8th largest bankruptcy of all time, this violation of ethics and law is stunning...and it comes at a time when it is getting very difficult to have faith in any government or any firm following the laws/rules/ethics. To add insult to injury this bankruptcy has so far been handled extremely poorly by the government, they look to have been completely unprepared to deal with this.
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