The latest news on the MF Global bankruptcy and fallout, published in the John Lothian Newsletter (subscribe here) the morning of December 16, 2011.
In the wake of the MF Global bankruptcy, John Lothian Newsletter has created a special section on JohnLothianNewsletter.com devoted to news, information and commentary. The section features archived news stories featured in the John Lothian Newsletter, analysis and breaking news. Check regularly for updates. See the MF Global news section here.
MF Global Told CME Group It Used Customer Funds, Timeline Shows
By Matthew Leising and Silla Brush – Bloomberg
Dec. 15 (Bloomberg) — MF Global Holdings Ltd. used about $700 million of customer funds to “meet liquidity issues” at its broker-dealer in the days prior to its Oct. 31 bankruptcy filing, according CME Group Inc.
[Video] Fraud Likely Occured at MF Global, Barofsky Says
Dec. 16 (Bloomberg) — Neil Barofsky, former special inspector for the U.S. Treasury’s Troubled Asset Relief Program and a Bloomberg Television contributing editor, talks about former MF Global Holdings Ltd. Chief Executive Officer Jon Corzine‘s testimony yesterday before the House Financial Services subcommittee about the collapse of MF Global.
CME reveals auditor at center of Corzine accusations
Reuters via Yahoo! News
(Reuters) – CME Group revealed the identity of its auditor who is at the center of allegations that former MF Global chief Jon Corzine knew customer funds were improperly used, as part of a detailed description of the futures brokerage’s final days.
Corzine Says MF Global Staff Told Him Fund Transfer Was Legal
By Silla Brush and Clea Benson – Bloomberg
Dec. 15 (Bloomberg) — Jon S. Corzine, former chairman and chief executive officer of MF Global Holdings Ltd., told lawmakers today that the firm’s back-office staff “explicitly”
informed him that funds transfers made before the company filed for bankruptcy were legal.
Corzine counters CME chief’s testimony
By Shannon Bond in New York – Financial Times
Jon Corzine, the former chief executive of MF Global, has denied that he knew the broker-dealer lent customer funds to a European affiliate shortly before it went bankrupt.
Corzine disputes that he knew more about money
AP via Yahoo! News
Jon Corzine on Thursday disputed an allegation that he knew about customer money that may have been transferred to a European affiliate just before MF Global collapsed.
FIA Special Report: Senate Panel Probes MF Global Execs On Missing Money, Dec. 15, 2011
Jon Corzine: the Sartorial Steve Jobs of Wall Street
In the mystery of the missing $1.2 billion in MF Global client money, we can cross one possibility off the list: Jon Corzine isn’t using the client cash to diversify his wardrobe.
‘Super Tense Moment’ Occurs When Jon Corzine Is Served Papers During His Hearing Recess
CFTC Commissioner Bart Chilton Statement Regarding MF Global