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Post by acfarmer on Nov 8, 2011 9:48:52 GMT -5
What is all this talk of MF GLobal and the CME? Ive read alittle on it but none if it is laid out there in hillbilly farmer terms. LOL
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Post by Dave-ECIA on Nov 8, 2011 10:56:55 GMT -5
MF Global was trading with their own dimes. They lost those dimes. They started using client dimes to cover their losses (illegal) and to cover margin calls (also illegal).
The CME, Chicago Mercantile Exchange, is where most agricultural commodities are traded. They didn't watch MF Global close enough to know they were doing something they were not supposed to.
Bottom line, what they did was criminal. Stealing from client accounts to cover their own ass. Someone should go to jail, but they probably won't. The CEO of MF Global rubs shoulders with Obama and the Dems. Likely has a "get out of jail free" card somewhere in this back pocket.
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Post by linsal on Nov 8, 2011 17:58:23 GMT -5
The former CEO of MF Global (he resigned a few days ago) has retained Andrew Levander, a well known white collar criminal defense lawyer. Mr. Corzine was most recently the governor of New Jersey, and was also the CEO of Goldman Sachs in the past.
Everything I'm reading indicates that "about" 20% of the customers money has not been located..the customers will probably be made whole (get their money back), but it may take a while.
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