Have any of you been following the MF Global debacle? I have. At least what I have read in the Wall Street Journal (the latest here). It’s simply unbelievable. How does $1.2 billion in customer funds vanish? These are customer funds, mind you.
As I understand it (if I’m wrong, please correct me), these customer funds are no different from a customer brokerage account at say Merrill Lynch or Charles Schwab. So, it would be like going to check your account balance one day and your account being empty.
I’m not sure why John Corzine and the other executives are not behind bars right now. He and the other executives at MF Global should at least be required to sell all their possessions and put that money towards what they stole from their clients. That would go a lot further than Corzine’s “contrite” attitude about the whole deal.