It seems there is $700 million in customer funds missing from MF Global, Jon Corzine’s investment firm. The former Goldman Sachs CEO, Senator, and Governor may be in hot water.
The article below does state that the missing money may just be a reflection of sloppy internal controls and that it may in fact be accounted for, to be fair. We’ll see. Investigators are looking to see if the fund diverted customer funds for trades as the MF Global neared collapse last week and even if the money is accounted for mixing customer money and house money is a big no-no.
The article below chronicles how Corzine sought to sell off his firm to Interactive Brokers over the weekend but at the last minute Interactive Brokers realized that nearly a billion dollars in customer money was missing. They abandoned the deal and MF Global was left to twist in the wind. On Monday MF Global filed for bankruptcy.