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Post by Grainbelt on Nov 21, 2011 16:07:26 GMT -5
For the life of me I can't understand how if our money isn't availble for withdrawl, how a sane person wouldn't surmise it to be stolen? We can't get our segregated funds and yet Corzine and the rest of management isn't behind bars with their assets being frozen... For this to be happening in the United States is mindboggling to me. The crony capitalism in this country appears to be worse than anything Russia has going on.
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Post by papapap on Nov 21, 2011 23:59:52 GMT -5
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Post by iowa55 on Nov 24, 2011 5:33:30 GMT -5
People close to the investigation say no final decision has been made about possible charges stemming from the MF Global collapse, and one won’t be made for some time. CME, for its part, can only impose civil regulatory charges on member firms, such as MF Global. But one person with direct knowledge of the matter says federal prosecutors are conducting what he termed as a “very serious” criminal probe of the missing customer money based on a growing body of evidence that suggests people inside the firm likely knew they were misusing customer funds, the likely cause of the missing money. MF Global’s bankruptcy trustee says the missing money could total $1.2 billion, after initial estimates pegged the amount of missing money at around $600 million. It’s unclear if the trustee will be able to return any of the missing cash to customers. If the customer money was used to pay off trading losses, that money may never be recovered. Read more: www.foxbusiness.com/industries/2011/11/23/mf-global-workers-likely-violated-securities-laws/?test=latestnews#ixzz1ecLxf5Fp
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Post by Grainbelt on Nov 29, 2011 15:38:14 GMT -5
FYI
The MFGlobal trustee filed a motion this afternoon to expidite transfers to true up all accounts to 75% of their values.
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Post by glowplug on Dec 6, 2011 0:04:13 GMT -5
A former MF Global employee accused former president William J. Clinton of collecting $50,000 per month through his Teneo advisory firm in the months before the brokerage careened towards its Halloween filing for Chapter 11 bankruptcy.
Teneo was hired by MF Global’s former CEO Jon S. Corzine to improve his image and to enhance his connections with Clinton’s political family, said the employee, who asked that his name be withheld because he feared retribution.
“They were supposed to be helping Corzine improve his image as a CEO—I guess you can tell how that went,” he said. Corzine resigned as CEO and chairman November 4.
Before Corzine joined MF Global in May 2010, the firm was a smart and well-run commodities broker, a culture that was turned upside-down by his leadership style, he said.
“The traders would be shaking their heads,” he said. “They would come back to their desk and say, ‘Well, I thought we were going to do this—but Corzine would come by and do something else all by himself,’” he said.
The Teneo contract with MF Global lasted at least five months, he said. “The board cancelled it after Corzine resigned.”
The source, who is no longer associated with MF Global, said Teneo is a dual-track company with one side devoted to merchant and investment banking and the other side set up to provide image and strategy consulting services.
Clinton is the chairman of the company’s advisory board. His duties and compensation have not been released. The other member of the board is former British prime minister Tony Blair.
Two of the three founding partners are very close to the former president and his wife, Secretary of State Hillary R. Clinton. They are Douglas J. Band, who is the former president’s counselor and has served on his personal staff since 1995 and Declan Kelly, who earned the “Hillraiser” status in the secretary’s 2008 run for president for bundling more than $100,000 for the campaign.
Another prominent member of the Clinton political family is Tom Shea. Shea is a senior vice president for Teneo Strategy and served as Corzine’s chief of staff, when Corzine was the governor of New Jersey.
Kelly sold his public relations firm Financial Dynamics in 2006 to FTI for $340 million, and stayed with that company until July 2009, when he joined the State Department as the Economic Envoy to Northern Ireland.
The source said, “Kelly was given a job they created out our whole cloth.” The job did not exist previously.
“He basically got to ride around developing a book of business, while he waited for his non-compete clause to run out,” he said.
Kelley and the former president traveled together networking and making introductions at international conferences and events, he said.
The Secretary of State also traveled with Kelly, including the October 2010 U.S. – Northern Ireland Economics Conference, which Kelly organized and at which the secretary was the featured speaker.
The secretary announced that she accepted Kelly’s resignation May 11.
Teneo landed its first major client June 1, when the Rockefeller Foundation gave Teneo a $3,447,150, six-month contract to help plan the foundation’s 2013 centennial.
The foundation is another member of the Clinton’s extended family. It gave Clinton its Lifetime Innovation Achievement Award July 27 and the foundation is listed as a between $1 to $5 million contributor to the William J. Clinton Foundation, along with several members of the Rockefeller family who are listed as individual contributors.
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Post by Dave-ECIA on Dec 18, 2011 22:29:49 GMT -5
Anyone else see some cash show up??
I had an outstanding position on 10/31, and apparently that put me second in line.
I got just short of 50% transferred to my new clearinghouse on Friday.
What are others seeing/hearing???
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Post by Grainbelt on Dec 19, 2011 9:23:01 GMT -5
Dave,
Roughly 72% of our funds, up from around 11%, appeared in our new RJO account on Thursday night/Friday morning. Best of luck to you. Let's hope that by early next year we get the rest. Make sure you fill out the claims forms and get them turned back in.
Grainbelt
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Post by Dave-ECIA on Dec 19, 2011 9:44:25 GMT -5
Claim forms filled out and returned already.
Pisses me off I have to fill out a claim for for MY money that was supposed to be segregated already.
This was the first distribution of fund I've had.
Those bloody MF'ers........
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