The New York Post reports
that there will be no criminal charges against Jon Corzine over the
billion dollars of customer money used to keep MF Global afloat for a
few extra days. The Post quotes “federal investigators” as saying there
is no evidence of lawbreaking. Some of the evidence is detailed in the complaint filed by the CFTC recently, which you can read here.
The complaint says what happened to the money. It says that Edith O’Brien took the money out of customer accounts, knowing that this was unlawful. ¶ 62(d) For months, these federal investigators were saying that the big problem was foul-ups and mistakes in a mad rush in the back office. That is now inoperative.
The Complaint explains that Corzine knew that the firm was “undersegregated”, meaning it was using for its own business money belonging to customers that the law requires to be segregated. The Complaint says that on Thursday, October 27, 2011 Corzine and O’Brien received documents showing that the firm was undersegregated.
http://my.firedoglake.com/masaccio/2013/07/08/who-decided-there-are-no-crimes-in-mf-global-collapse/
The complaint says what happened to the money. It says that Edith O’Brien took the money out of customer accounts, knowing that this was unlawful. ¶ 62(d) For months, these federal investigators were saying that the big problem was foul-ups and mistakes in a mad rush in the back office. That is now inoperative.
The Complaint explains that Corzine knew that the firm was “undersegregated”, meaning it was using for its own business money belonging to customers that the law requires to be segregated. The Complaint says that on Thursday, October 27, 2011 Corzine and O’Brien received documents showing that the firm was undersegregated.
http://my.firedoglake.com/masaccio/2013/07/08/who-decided-there-are-no-crimes-in-mf-global-collapse/
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