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MF Global Trustee Finds That Company "Did Not Always Record Cash Movements"

Tyler Durden's picture




 

The MF Global Trustee has just released their preliminary report on the progress in uncovering where the vaporized cash went. Bloomberg notes:

  • MF GLOBAL DIDN'T ALWAYS RECORD CASH MOVEMENTS, TRUSTEE SAYS
  • TRUSTEE SAYS MF HAD SHORTFALL IN COMMODITIES FUNDS START OCT 26
  • MF BROKERAGE TRUSTEE TRACED $105 BLN IN CASH MOVEMENT
  • MF COMPUTERS COULDN'T TRACK VOLUME IN FINAL DAYS, TRUSTEE SAYS

Of course, we know that MF Global is the only company to not follow Fiduciary Principles 101 (client cash commingling) but also Accounting 101 (T square, debits, credits, and all that boring and apparently irrelevant in a time of uber-kleptocracy, stuff) leaving us wondering just how much of that unrecorded cash may be found in unrecorded suitcases in unrecorded bank vaults.

 

Full report: Status Update from the Office of James W. Giddens, Trustee for the Liquidation of MF Global Inc., Concerning the Trustee’s Investigation

February 6, 2011 – New York, New York – James W. Giddens, the Trustee for the liquidation of MF Global Inc., today filed a preliminary report on the progress of his investigation into the failure of the broker-dealer with the United States Bankruptcy Court for the Southern District of New York, the Honorable Martin Glenn, presiding. The Trustee’s investigation has preliminarily determined that MF Global Inc. had a shortfall in commodities customer segregated funds beginning on Wednesday, October 26, 2011, and that the shortfall continued to grow in size until the bankruptcy filing on Monday, October 31, 2011.

 

The Trustee’s investigators have now traced a majority of the cash transactions, totaling more than $105 billion, made in and out of MF Global Inc. in the last week before bankruptcy and are completing the process of tracing the remaining transactions. MF Global also executed securities transactions totaling more than $100 billion during its final week of operations. These included liquidation of customer securities, proprietary positions and other items. The securities included complex instruments, such as off-balance sheet repurchase transactions involving sovereign debt securities and derivative structures.

 

“For three months our investigative team has worked to understand what happened during the final days of MF Global when cash and related securities movements were not always accurately and promptly recorded due to the chaotic situation and the complexity of the transactions,” Giddens said. “With these preliminary investigative conclusions in hand, we will analyze where the property wired out of bank accounts established to hold segregated and secured property ultimately ended up. We will then determine whether there is a sound and legal basis for recoveries against third parties that will help make customers whole. These will be very complex legal and factual determinations, which we will make consistent with our duty as the advocate for the former customers of MF Global Inc.”

 

The investigation to date has found that transactions regularly moved between accounts and that funds believed to be in excess of segregation requirements in the commodities segregated accounts were used to fund other daily activities of MF Global. In the past, such transfers were in amounts of less than $50 million, but as liquidity demands increased and could not be met from internal sources, much larger amounts were used, apparently with the assumption that funds would be restored by the end of the day. By Wednesday, October 26, as the result of increasing demands for funds or collateral throughout MF Global, funds did not return as anticipated. As these withdrawals occurred, a lack of intraday accounting visibility existed, caused in part by the volume of transactions being executed, and the 4(d) U.S. segregated commodity customer account appears to have reached a deficit condition on Wednesday, October 26 that continued through to MF Global’s bankruptcy.

 

The Trustee has identified most of the parties that were the immediate recipients of transfers from MF Global Inc. during the final days and weeks of operation. These transfers were largely effected through the clearing banks acting on behalf of MF Global Inc. The ultimate recipients of these transfers included banks, exchanges and clearing houses, MF Global Inc. affiliates, counterparties, and customers of the futures commission merchant and the broker-dealer.

 

The number of transactions executed by MF Global during the last week prior to the bankruptcy escalated to unprecedented volumes. The rush to meet funding needs for collateral, margin and customer liquidations led to billions of dollars in securities sales, draws on credit facilities, and a web of inter-company loans across affiliates, some foreign. The company’s computer systems and employees had difficulty keeping up with the unprecedented volume of transactions. A number of transactions were recorded erroneously or not at all. So called “fail” transactions – where either the buyer or seller fails to deliver the cash or the security, respectively – were five times the normal volume during the firm’s final week.

 

The investigation has revealed that a confluence of factors contributed to the deterioration of MF Global’s liquidity position. The exposure to European sovereign debt, coupled with the announcement of disappointing quarterly results, triggered credit downgrades by Moody’s, Fitch and S&P. This escalation in credit risk mandated substantial margin calls and increased demands from counterparties and exchanges for collateral. As an example, the additional margin paid to support only the sovereign debt positions exceeded $200 million during the final week of operations. This was a significant drain on available cash and securities. The sovereign debt investments undertaken on a repo to maturity basis allowed some immediate gains to be booked, but these were purely paper profits generating negligible cash while the underlying transactions resulted in calls for substantial additional margin.

 

The heightened risk and apparent loss of confidence drove customers to close their accounts and withdraw funds, resulting in even greater demands on a relatively limited amount of available cash. The Trustee’s investigation has revealed that, while personnel may not have been immediately aware of it, MF Global Inc. experienced a shortfall in 4(d) customer funds beginning during the day on Wednesday, October 26. The MF Global parent company struggled to continue to operate and even to sell the business, but MF Global Inc. appears to have remained in a shortfall of commodity customer segregated funds virtually continuously until its parent filed for Chapter 11 protection on Monday, October 31 and the Securities Investor Protection Act (SIPA) proceeding was commenced against MF Global Inc. later that afternoon.

 

The Trustee’s investigators, including the legal and forensic accounting teams, have conducted over 50 witness interviews, preserved secure access to thousands of boxes of hard copy documents, imaged over 800 computer drives, and are maintaining over 100 terabytes of data.

 

To understand where the money went during October 2011, the analysis conducted by the Trustee’s professionals has included 840 cash transactions in excess of $10 million that total $327 billion, and an ongoing analysis of related securities transactions involving a value of over $100 billion. These large cash transactions alone span 47 bank accounts across eight financial institutions. An additional 20,000 cash transfers that total $9 billion involve transfers of less than $10 million.

 

The Trustee’s investigation is continuing to correlate cash transfers to relevant movements of securities used as collateral or loaned to counterparties. To that end, the Trustee is now working with various third parties to further define these securities transactions and obtain more complete information about the extent and basis for transfers to select parties. The Trustee continues to investigate the complex factual and legal questions to determine how best to pursue possible recoveries and the extent to which applicable law would support claims against particular recipients of funds, affiliates, and possibly to other parties, including employees of MF Global.

 

The Trustee’s investigation will continue, in coordination with the regulatory and law enforcement investigations that are being conducted by the Department of Justice, the CFTC, and the SEC on an ongoing basis. The Trustee will seek to release additional information related to his investigation in the future, but cannot prematurely release information that might compromise the integrity of those investigations or the Trustee’s own efforts to recover funds for customers and the estate.

 

CLAIMS PROCESS AND ACCOUNT TRANSFERS

 

The Trustee’s staff is continuing its analysis of customer claims after the claims filing period for commodities customers closed on January 31, 2012.

 

Once a claim is reviewed by the Trustee’s staff on as expedited a basis as possible, a determination letter will be issued to the claimant. These determination letters are being issued on a rolling basis. The determination letter will acknowledge the claim and provide a determination as to whether the claim has been allowed, denied, reclassified, or is subject to further reconciliation or information requests.

 

The Trustee is eager to make additional distributions to former MF Global Inc. customers as soon as possible. However, the Trustee is required by law to hold an appropriate reserve of funds until disputed claims are resolved either through negotiation or by the Court. At this time, the Trustee anticipates significant disputed claims against the MF Global Inc. estate by MF Global Holdings Ltd., MF Global UK Limited, and other entities. The Trustee will move to attempt to resolve these claims as quickly as possible, but it is uncertain how long resolution will take. Therefore, it is not known at this time when the Trustee will be legally able to make additional distributions.

 

The Trustee has already distributed nearly $4 billion to former MF Global Inc. retail commodities customers with US futures positions via three bulk transfers:

  • Within days of the bankruptcy, the Trustee received court approval for the transfer of 10,000 commodities customer accounts with three million open positions, along with approximately $1.5 billion in collateral associated with those positions at the time of the bankruptcy. These open positions had a notional value of $100 billion. It is estimated that 40% of all commodity futures exchange activity in United States markets came from MF Global Inc. trades and a serious disruption in markets was avoided by the transfer.
  • A transfer of 60% of the cash attributable to approximately 15,000 customer commodity accounts with cash only in the accounts, totaling approximately $500 million, was completed in November.
  • And in December and January a third transfer occurred that moved approximately $2 billion to restore 72% of US segregated customer property to all former MF Global Inc. retail commodities customers with US futures positions.

 

In addition, the Trustee has received Court approval to sell and transfer approximately 318 active retail securities accounts, which is substantially all of the securities accounts at MF Global Inc. Nearly all securities customers have received 60% or more of their account value and already 194 of former MF Global Inc. securities customers have received the entirety of their account balances because of a Securities Investor Protection Corporation guarantee.

 

The information in this statement does not apply to any other MF Global entity, including separate insolvency proceedings involving the parent company, MF Global Holdings Ltd.

 

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Mon, 02/06/2012 - 15:15 | 2131352 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Cash, vaporized!

Mon, 02/06/2012 - 15:19 | 2131374 Manthong
Manthong's picture

Just like the government.

Mon, 02/06/2012 - 15:23 | 2131399 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Hopefully

Mon, 02/06/2012 - 15:30 | 2131421 Colombian Gringo
Colombian Gringo's picture

Your wish is already realized. The Fed's  also vaporize cash  when it is convenient.

9/10/2001: Rumsfeld says $2.3 TRILLION Missing from Pentagon

  http://www.youtube.com/watch?v=xU4GdHLUHwU

 

 

Mon, 02/06/2012 - 15:35 | 2131446 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Zero Hedge is listed as the third best Financial blog by cnbc.com:

http://www.cnbc.com/id/46163886/?slide=4

Mon, 02/06/2012 - 15:44 | 2131486 Stax Edwards
Mon, 02/06/2012 - 16:33 | 2131676 Saro
Saro's picture

He says the fed has tripled the monetary base but he doesn't see any indication of inflation. Someone should ask him what he thinks the word "inflation" means.

Mon, 02/06/2012 - 17:08 | 2131846 Smiddywesson
Smiddywesson's picture

Wow, what a putz.  He wrote:

"Guess what caused the arrest? Could the unprecedented Fed interventions have something to do with that. After all, that was the main differentiator this time around. Yes, it was terribly unjust, yes it bailed out people who caused all the trouble. Yes it reinforces moral hazard. But there was simply no alternative."

So I quoted the above and left him a little response:

One of the many flaws in your argument is that you assume the crisis of 2008 is over and was solved. It wasn't and it isn't. Rather than have our big banks melt down and become nationalized, Uncle Sam pulled out his credit card and gambled the nation that we could spend our way out of this. Now we are utterly screwed and there is simply no way out of this.

If the level of arrogance and lack of self reflection in the Austrians takes your breath away, look in the mirror. It's not just those who you consider beneath you that hold this opinion, a lot of the academic community disagrees with you too. People like Reinhardt and Rogoff, Harvard University professors who studied 800 years of financial history in the book This Time is Different. How about the Chief IMF Economist Oliver Blanchard? He has repeatedly warned that as debt piles up, the rates a nation has to give come periliously close to the rates that will bankrupt them. At that point, a nation is in a Catch 22 situation, and any fiscal austerity you engage in destroys your growth and thereby scares away your bond purchasers. Blanchard's speeches carefully reassure everyone that if we have political harmony and perfect execution and follow through, we can slowly grow our way out of this is 20 years. LOL, good luck. While you are at it, read the last chapeter of When Money Dies. Once you hit the political tipping point, you are lucky to get ANY political cooperation at all because it isn't in anyone's self interest to do so.

That's the bind your Keynesian theories have put all the nations of the West in, so take a bow for bailing out the banks in 2008, and just ignore the trillions of dollars that will never, ever, be paid back. Maybe all the savers who were ripped off by people like you will be impressed with your intellect.

Mon, 02/06/2012 - 17:40 | 2131969 Revert_Back_to_...
Revert_Back_to_1792_Act's picture

They knew a hell of a lot more about liberty and economy in the 1800's.

I have found some school books from that era, a third grade reader has what would be today's college level matierial in it.

http://www.archive.org/details/coinsfinancialsc00harvrich

I cannot imagine how cool the world would be if this system was still in place...even just partially in place. You can thank the guy that wrote the book above that the money stayed in the peoples hands for as long as it did.  That is where it was safest and that is where the money power should rest.

mort-gage = dead-pledge.

mort-main = dead hand.

They had these old common laws in place for a reason.

http://www.lexrex.com/enlightened/writings/bank/jefferson.htm

See all those dead assets around the US major cities, ghost malls, old steel mills, closed mines, old factories, people not working, etc. 

What might revive them is sitting in a vault somewhere. 

Put it back in the peoples hands as coin with intrinsic value and restore prosperity. Think about money that people really want (gold, silver, nickel, copper) VS coal mine script money. 

What is that old song about owing your soul to the company store?  They seem to be building a lot of company stores here lately.

Prosperity will continue to shrink with paper money and usury.  You cannot create or destroy matter.  You can however lock it up in a vault somewhere where people cannot use it for it's intended purpose. Discern the truth. Return to just weights and measures.

 

Mon, 02/06/2012 - 21:47 | 2132595 GetZeeGold
GetZeeGold's picture

 

....Did Not Always Record Cash Movements 

 

GAAP is for pussies.

 

 

 

Mon, 02/06/2012 - 17:37 | 2131958 Smiddywesson
Smiddywesson's picture

Both articles were pretty weak.  This guy is a lightweight.

Wow, let's hear that again!

"Now, for the sake of it, let's begin by simply assume they're right and take that statement that 25% of world economic output would disappear if not for the intervention of central banks. The choice then becomes a simple, but rather stark one: What would you rather have, ballooning central bank balances, or 25% of the world economy 'disappearing?' We think that simply asking the question should already be enough in answering it. If we would let 25% of world economic output disappear, that would wreak havoc on millions of lives and throw the whole world economy into a deep downward spiraling depression. So my first thought was something like 'thank you, central banks!'

I think the people of the world who DON'T live in an ivory tower would have preferred to see the bank shareholders lose everything, the bank officials fired, and the banks nationalized then to see their country utterly bankrupt and their savings destroyed. The banks are in no better a financial state today than they were back in 2008, in fact global derivatives are absolutely exploding at a 30% year over year increase. That's $707 trillion in derivatives in a world with @$65 trillion in GDP. Try to run a fire hose through your johnson, something's bound to give here.

Yes, I think the taxpayers would have preferred a 25% shrinkage in the economy to losing their pensions, their homes, their jobs, their savings, and their country. That would have thrown everybody into a deep downward spiraling depression? I'm sorry, did I miss something? I thought, after tens of trillions of looted taxpayer dollars that was exactly what we got, right? Or is this the point where you parrot back those great job numbers from the ministry of truth? If you think the people who are paying for this rape would applaud the banks, you probably think everything is just hunky dory.

Mon, 02/06/2012 - 19:26 | 2132290 Tyranny is Love
Tyranny is Love's picture

Third!

Are you sure the people at CNBC can read?

Fri, 02/17/2012 - 02:42 | 2131460 iDealMeat
iDealMeat's picture

Obama / in-action Jackson will never investigate that..  Nor would Romney / ? ..  In fact, that secret pinky shake is how one becomes POTUS.

Mon, 02/06/2012 - 15:43 | 2131478 DaveyJones
DaveyJones's picture

cash movements are like bowel movements. regularity and careful tracking or things will start to stink.

Mon, 02/06/2012 - 15:45 | 2131492 Buckaroo Banzai
Buckaroo Banzai's picture

I always admired Rumseld's timing on that announcement. It's almost like he knew exactly what was going to happen the next day, to wipe that announcement out of the headlines.

Mon, 02/06/2012 - 15:47 | 2131500 DaveyJones
DaveyJones's picture

If you make steel support columns vaporize, a trillion is "loose change."  

Mon, 02/06/2012 - 16:22 | 2131637 a growing concern
a growing concern's picture

Nano thermate, bitchez!

Mon, 02/06/2012 - 19:31 | 2132299 Tyranny is Love
Tyranny is Love's picture

Nobody, not even the penta0n forgets what the spent $2.3 TRILLION on. not wanting to admit what it was spent on is another matter.

 

What does an underground facility below an airport cost to build with cost plus contracts?

Mon, 02/06/2012 - 19:56 | 2132374 Miss Expectations
Miss Expectations's picture

Is it bigger than Manhattan?

Mon, 02/06/2012 - 15:22 | 2131392 Comay Mierda
Comay Mierda's picture

nothing to worry about, i'm sure all the other fine financial institutions have better controls in place to prevent vaporization of cash & rehypothecation of your assets to infinite.  im sure this time there is just only one cockroach.

i couldnt even type that with a straight face

Mon, 02/06/2012 - 15:28 | 2131416 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

What the hell are the brokers doing while they are in the office if they aren't managing margin accounts T - Square?

Mon, 02/06/2012 - 15:41 | 2131465 dizzyfingers
dizzyfingers's picture

Cash business... one for you, ten for me!

Mon, 02/06/2012 - 15:16 | 2131357 EINSILVERGUY
EINSILVERGUY's picture

As we say in Texas

"Get a Rope"

Mon, 02/06/2012 - 15:16 | 2131363 non_anon
non_anon's picture

and Corzine still walks

Mon, 02/06/2012 - 15:29 | 2131419 Things that go bump
Things that go bump's picture

I'm sure he paid good money for his protection.

Mon, 02/06/2012 - 15:30 | 2131424 kaiserhoff
kaiserhoff's picture

Where are the indictments?

Younger readers may not know that Nixon was not impeached for a "third rate burglary."  It was the cover-up.

Mon, 02/06/2012 - 15:38 | 2131457 Gully Foyle
Gully Foyle's picture

kaiserhoff

Dude closer to ABSACM

https://en.wikipedia.org/wiki/Abscam

The FBI set up "Abdul Enterprises, Ltd." in 1978. FBI employees posed as Kraim Abdul Rahman,[1] a fictional Middle Eastern sheikh, in videotaped talks with government officials, where they offered money in return for political favors to a non-existent sheikh. A house (4407 W St. NW, Washington, D.C.), along with a yacht in Florida and hotel rooms in Pennsylvania and New Jersey, were used to set up meetings between various public officials and a mysterious Arab sheikh named "Kambir Abdul Rahman" who wanted:

  • To purchase asylum in the U.S.
  • To involve them in an investment scheme
  • To get help in getting his money out of his country

Much of the operation was directed by Melvin Weinberg, a convicted con artist, who was hired by the FBI for that purpose. It was the first major operation by the FBI to trap corrupt public officials; until 1970 only ten members of Congress had ever been convicted of accepting bribes.

On February 2, 1980, NBC Nightly News became the first media outlet to break the story that FBI personnel were targeting members of Congress in a sting operation. The FBI had codenamed the operation "Abscam", a contraction of "Abdul scam", after the name of the company.

Of the thirty-one targeted officials, one senator, Harrison A. Williams (D-NJ), and five members of the House of Representatives John Jenrette (D-SC), Richard Kelly (R-FL), Raymond Lederer (D-PA), Michael "Ozzie" Myers (D-PA), and Frank Thompson (D-NJ), were convicted of bribery and conspiracy in separate trials in 1981. While most of the politicians resigned, Myers had to be expelled and Williams did not resign until the vote on his expulsion was almost due. Five other government officials were convicted, including New Jersey State Senator Angelo Errichetti; members of the Philadelphia City Council, including Louis C. Johanson; and an inspector for the Immigration and Naturalization Service.

 

Mon, 02/06/2012 - 17:59 | 2132051 4horse
4horse's picture

perhaps echoing too much of a mob hit, or even vietnam hangover, Wackenhut had a name change  .  .  .

http://www.globalresearch.ca/index.php?context=viewArticle&code=BOW20120206&articleId=29109

.  .  .  geo-synchronized with the times, its new navigation does seem to find more and more travellers safely arriving, at GEO

Mon, 02/06/2012 - 16:43 | 2131715 dickizinya
dickizinya's picture

I give $5k to my kid and the government gets three pieces of paper.  MF moves billions and doesn't keep track?  Who goes to jail?

Mon, 02/06/2012 - 15:26 | 2131364 AC_Doctor
AC_Doctor's picture

A brokerage of sick bastards and overseen by even sicker bastards it seems...

Mon, 02/06/2012 - 15:52 | 2131514 hedgeless_horseman
hedgeless_horseman's picture

 

 

...but at least they weren't doing double entry.

Mon, 02/06/2012 - 17:11 | 2131849 TheFourthStooge-ing
TheFourthStooge-ing's picture

hedgeless_horseman observed:

...but at least they weren't doing double entry.

Unfortunately, they were doing DVDA.

 

Mon, 02/06/2012 - 15:18 | 2131369 Theta_Burn
Theta_Burn's picture

Still no felonious activity detected???

Mon, 02/06/2012 - 15:19 | 2131376 dwdollar
dwdollar's picture

Three months and they've gotten this far? Wow... glad to see they are on the ball.

Mon, 02/06/2012 - 15:20 | 2131380 williambanzai7
williambanzai7's picture

Just another good reason to throw the invisible book at Assange.

Mon, 02/06/2012 - 15:20 | 2131382 PaperBear
PaperBear's picture

I can barely believe what I am reading but then I snap out of it.

Mon, 02/06/2012 - 15:20 | 2131383 zilverreiger
zilverreiger's picture

we'll soon find out what his obama and biden connections are worth, maybe he has some shit on them

Mon, 02/06/2012 - 17:02 | 2131818 Whiner
Whiner's picture

Chapter 11 Trustee, SEC etc., investigation continuing until after election and out of public mind. Corzine will admit no wrongdoing but agree to behave and keep his license. Will pay &1M SEC fine and be back in the biz stronger than ever. Hush now, all is well. SuperBowl was great; American Idol still going strong, even Clint Eastwood sees a new dawning. It's all good- fornawhilenInwas a little worried. Kramer and Bartilaromo will tell us when to worry.

Mon, 02/06/2012 - 18:46 | 2132189 4horse
4horse's picture

the arc of governance fixes clerks under bankers

obama/biden are well downslope, where it's said to roll . . .

 

corzine, evidently, is neither below nor ever to be bowled over

of a higher calling, he answers only above- pols' paygrade -unto that mountaintop from which godswerk flows

Mon, 02/06/2012 - 15:21 | 2131384 GeneMarchbanks
GeneMarchbanks's picture

'At this time, the Trustee anticipates significant disputed claims against the MF Global Inc. estate by MF Global Holdings Ltd., MF Global UK Limited, and other entities.'

FSA... complicit

SEC... complicit

London + NY baby!

Mon, 02/06/2012 - 15:21 | 2131387 tony bonn
tony bonn's picture

fiduciary and accounting resonsibility is only for the little people - after they have eaten their cake....

Mon, 02/06/2012 - 15:21 | 2131388 distopiandreamboy
distopiandreamboy's picture

What a SHOCKING disregard for regulations!

/sarc off

Mon, 02/06/2012 - 15:22 | 2131396 urbanelf
urbanelf's picture

Verdict for the defendant!

Mon, 02/06/2012 - 15:23 | 2131398 carbonmutant
carbonmutant's picture

Well it solves the paper shredding problem...lol

Mon, 02/06/2012 - 15:27 | 2131412 HD
HD's picture

Actually you make very valid point.

Mon, 02/06/2012 - 15:23 | 2131400 narnia
narnia's picture

if corzine, the cfo & the board of directors were held without bail until proper accounting of fund transfers was presented, the court would have a proper accounting of all fund transfers by now.

Mon, 02/06/2012 - 15:26 | 2131406 HD
HD's picture

So, how do any of us know our brokers are safe?

Mon, 02/06/2012 - 15:32 | 2131432 hedgeless_horseman
hedgeless_horseman's picture

 

 

The condom will occasionally come off in your ass and you will find it in the toilet.  That's how you know.

Mon, 02/06/2012 - 15:50 | 2131513 HD
HD's picture

That was disgusting. And hilarious.

Mon, 02/06/2012 - 17:11 | 2131851 Nobody For President
Nobody For President's picture

i wondered where that came from...

Mon, 02/06/2012 - 15:26 | 2131408 Burr's 2nd Shot
Burr's 2nd Shot's picture

Did anyone think to check the bottom of Lake Rehypothecation?

Mon, 02/06/2012 - 15:28 | 2131417 NotApplicable
NotApplicable's picture

Everybody knows, that lake is both bottomless, yet dry at the same time.

Mon, 02/06/2012 - 15:35 | 2131445 Burr's 2nd Shot
Burr's 2nd Shot's picture

*tips hat*

Excellent response, sir.  +1

Mon, 02/06/2012 - 15:26 | 2131409 NotApplicable
NotApplicable's picture

Funny, I would expect a liquidity starved company to do less business in light of their increased risk to other counter-parties. But no, they did so much more, that they couldn't even account for it.

Corzine must've looted everything that wasn't bolted down.

Mon, 02/06/2012 - 15:30 | 2131423 oogs66
oogs66's picture

Didn't record cash movements? BS!!!!!

Mon, 02/06/2012 - 15:38 | 2131453 HoofHearted
HoofHearted's picture

This is going to make Celente and Turd a whole lot happier....

Mon, 02/06/2012 - 15:30 | 2131429 Everybodys All ...
Everybodys All American's picture

I've been saying this for a while. MFGlobal should be investigated under RICO because there was simply an organized crime going on under Jon Corzine. Good luck though with Eric (Place) Holder at Justice.

Mon, 02/06/2012 - 15:50 | 2131509 Buckaroo Banzai
Buckaroo Banzai's picture

Let me give you a little help, you misspelled a word. It's not "Justice" its "Just Us".

Mon, 02/06/2012 - 17:18 | 2131884 Nobody For President
Nobody For President's picture

Hey! Investigations by FBI AND the SEC [tremble in your boots, Corzine] are 'ongoing' (and going and going...)

WTF can anyone expect? Corzine was the President's major Wall Street fund-raiser - true fact. The ultimate good old boy insider. Of course he will walk.

Mon, 02/06/2012 - 15:33 | 2131436 Seasmoke
Seasmoke's picture

at a minimium there must be atleast ONE MF customer who was robbed, who believes that Corzine should have two busted kneecaps.......

Mon, 02/06/2012 - 15:40 | 2131463 dwdollar
dwdollar's picture

Jon made sure he was good with all the dangerous people first. He's no dummy.

Mon, 02/06/2012 - 15:33 | 2131439 rlouis
rlouis's picture

If this isn't "criminal", what is?

Mon, 02/06/2012 - 15:33 | 2131440 W10321303
W10321303's picture

New York Attorney General Eric Schneiderman has filed suit against Bank of America, JPMorgan Chase and Wells Fargo for deceptive and fraudulent use of a private database known as the Mortgage Electronic Registration System. Schneiderman said, "The mortgage industry created MERS to allow financial institutions to evade county recording fees, avoid the need to publicly record mortgage transfers and facilitate the rapid sale and securitization of mortgages en masse."

Mon, 02/06/2012 - 15:43 | 2131476 Gully Foyle
Gully Foyle's picture

W10321303

http://www.nakedcapitalism.com/2012/02/quelle-surprise-new-york-and-cali...

The New York Times reports that two attorneys general of states regarded as important for the Obama Administration to declare the mortgage settlement a success have rejoined the negotiations, which says they are likely to sign the pact.

Kamala Harris, the California AG, was widely seen as “political” and therefore was not seen as a solid holdout. I remain disappointed by the conduct of our attorney general Eric Schneiderman, who is also now participating in the talks. His decision to join a Federal task force undermined the opposition to the settlement and looks to have cleared the way for the Administration to craft a win on this deal (note it is still possible it will not get done, but the odds were low as of last week and appear to be sinking further).

Assuming a deal is inked, Schneiderman and new partners in the Administration will no doubt contend that his involvement in the negotiations resulted in an improvement in terms for homeowners and states. I’m also told that he sincerely believes he can get a serious investigation underway and take advantage of Federal statutes with longer statutes of limitations than most state level ones.

Schneiderman may think he can beat the Administration at its own game, and if he can, more power to him, but I would not bet on him coming out on top.

It is too late (it was probably too late when Schneiderman sat in Michelle Obama’s box during the State of the Union address) but if you are in California or New York, you might as well call or e-mail your AG and give them a piece of your mind. Keeping the pressure on Schneiderman and Harris, and supporting AGs like Beau Biden of Delaware, Catherine Cortez Masto of Nevada, and Martha Coakley of Massachusetts, are the best hope we have at this point.

Mon, 02/06/2012 - 16:46 | 2131729 eatthebanksters
eatthebanksters's picture

Obama wants the settlement done before the election cycle...he's guaranteed big $$ is he gets it done...the banksters are scared shitless of what any new regime would do.  Hope and Change...bwahhahahahah!  Chicago gangsta politcs more like it.

Mon, 02/06/2012 - 16:59 | 2131802 AGuy
AGuy's picture

"the banksters are scared shitless of what any new regime would do"

Surely you Jeest? If Obama wins, they get their inside man. If Mittens wins, they get their inside man. Its a Win-Win situation for the Banks and Wall street. If Mittens wins its even a bigger win, since Mittens has even closer ties to the Banksters. Mittens is a banker.

Mon, 02/06/2012 - 15:34 | 2131441 kito
kito's picture

Res ipsa loquitur ..................

Mon, 02/06/2012 - 15:33 | 2131442 kito
kito's picture

Res ipsa loquitur ..................

Mon, 02/06/2012 - 15:38 | 2131456 kaiserhoff
kaiserhoff's picture

The  matter speaks for itself, or in this case, condemns itself... twice;)

Mon, 02/06/2012 - 15:44 | 2131485 kito
kito's picture

Lol. I was going to erase the accidental second post but left it for emphasis......

Mon, 02/06/2012 - 15:35 | 2131448 moroots
moroots's picture

All of Corzine's other crimes aside, wouldn't this indicate that the Sarbanes statement he signed attesting to the effectiveness of MF's internal controls would have been a lie?  Same with the CFO.  If you're not recording all cash movements, your internal controls are very likely deficient to the point that they cannot prevent, detect, and/or correct a material misstatement in their financial statements.  Hence, Corzine lied when he signed a statement attesting to the firm's internal control effectiveness.

PwC would also be guilty of issuing a false unqualified opinion on MF's internal controls.

Mon, 02/06/2012 - 15:56 | 2131539 Buckaroo Banzai
Buckaroo Banzai's picture

Don't be silly. Sarbanes was designed to catch two kinds of executives: (1) politically-unconnected small-time fall guys; and (2) politically-connected guys who need to be "taken out" because they went off the reservation.

Corzine is too politically-connected to be (1), and too big and smart to be (2)

Verdict: Scot-Free!!

Mon, 02/06/2012 - 15:59 | 2131550 BidnessMan
BidnessMan's picture

Overwhelmed by a tsunami of transactions in the last week.  The PWC audit was looking back at times of lower volume.

Lucy in the Chocolate Factory comes to mind.  Once the line speeds up and the chocolates arrive faster than she can wrap them, chaos naturally ensues.  The last week at MF Global must have been hell for the back office worker bees.  We will know the end is really near when the back office workers at the other banks start looking panicked leaving the building late at night every night, knowing they are doomed. ZH'ers should keep an eye out for that and sound the alarm when it happens again.  MF Global is only the first canary in the coal mine. 

I am also reminded of those guys on the Ed Sullivan show who tried to keep all the plates spinning up on sticks.  Eventually they added so many plates they could not keep up and they all came crashing down. But Ed really loved those guys.  They were on about every 5th show.

Mon, 02/06/2012 - 16:12 | 2131595 BidnessMan
BidnessMan's picture

Lucy in the Chocolate Factory

http://www.youtube.com/watch?v=8NPzLBSBzPI

 

Mon, 02/06/2012 - 16:43 | 2131712 eatthebanksters
eatthebanksters's picture

Can someone please tel me why Corzine is still walking around a free man?

Mon, 02/06/2012 - 17:01 | 2131813 AGuy
AGuy's picture

TPBTJ

Too Politically Big To Jail

Mon, 02/06/2012 - 15:39 | 2131454 grunk
grunk's picture

So this argument would work in an IRS audit?

Mon, 02/06/2012 - 16:27 | 2131648 a growing concern
a growing concern's picture

Go for it. I'm sure they'll understand.

Mon, 02/06/2012 - 15:40 | 2131464 yogibear
yogibear's picture

Mode of operation is to yank out all the capital off shore and run the thing into insolvancy. Let the US taxpayer bail out the bag holders. Nobody will realize what has happened until it's too late.

Meanwhile the few that pulled it off are out of the US filthy rich. 

Mon, 02/06/2012 - 15:41 | 2131467 JW n FL
JW n FL's picture

 

 

we will find out that the Federal Reserve does NOT! record all cash movements as well when the FED is made to open its books!

it will be the standard answer for all of those hiding the truth!

but no worries!'

the sheep are as stupid as ever..

and!

all the baby boomers spent a life time living a lie! they are not going to push for the truth!

they would rather enjoy their golden years! and perpetuate the lie just a little longer!

as long as we get stuck with their tab, they don’t give a fuck!!

 

The Powers that Be don’t feel like paying for the Baby Boomers either!

So we might get a little bit of shake up!

Just enough to screw the majority so that the few can benefit!

You know the same ole’ same ole’!!

 

Mon, 02/06/2012 - 16:13 | 2131602 dizzyfingers
dizzyfingers's picture

"all the baby boomers spent a life time living a lie! they are not going to push for the truth! they would rather enjoy their golden years! and perpetuate the lie just a little longer! as long as we get stuck with their tab, they don’t give a fuck!! "

I believe you're right; just as long as they'll get more than they paid into the system, they'll stick everyone and anyone, even their own kids and grandkids."

Default, please, and quick.

Mon, 02/06/2012 - 20:13 | 2132409 PJPony
PJPony's picture

I don't know about that...this is one boomer who would love to see the bastards fall.  A lot of boomers are working at McDonalds and Walmart since their retirement money was pilfered.

Mon, 02/06/2012 - 15:41 | 2131469 apberusdisvet
apberusdisvet's picture

Bottom Line to Customers:

 

You are still fucked.  We need, however, a few more months to ensure that we further obfuscate the actual criminal liability and ensure only civil remedies, if any.

Mon, 02/06/2012 - 17:05 | 2131831 AGuy
AGuy's picture

Its going to drag on for years, much as it happened with lehman, as the auditors will spend years sorting it all out, while charging $500/hr per senior auditor (Plus over time at $1500/hr) There is money to be made by stretching this out at the expense of the customers.

Mon, 02/06/2012 - 15:42 | 2131471 JW n FL
JW n FL's picture

 

 

Federal Reserve Earnings verse Federal Reserve Loans to the United States of America

 

1. How much does the Federal Reserve Bank Earn in Interest Payments? From anyone other than the United States of America.

Federal Reserve $15 Trillion Dollars in Loans Bloomberg

Loans from 3 / 9 / 2008 to 3 / 9 / 2009 totaling $15,760,004,161,955.00

https://docs.google.com/spreadsheet/ccc?key=0Aq7CIo3B6RWfdDlTRWk5SnVOTUp1bG4wMXdPMnV2SUE#gid=0

Getting Bigger

Instead, the Fed and its secret financing helped America’s biggest financial firms get bigger and go on to pay employees as much as they did at the height of the housing bubble.

Total ** assets ** held by the six biggest U.S. banks increased 39 percent to $9.5 trillion on Sept. 30, 2011, from $6.8 trillion on the same day in 2006, according to Fed data

** http://www.ffiec.gov/nicpubweb/nicweb/Top50Form.aspx **

The Fed’s Secret Liquidity Lifelines

http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending/#/overview/?sort=nomPeakValue&group=none&view=peak&position=0&comparelist=&search=

 

 

 

2. Who are those Monies Participated Out too? That the Federal Reserve Bank Collected?

Who owns the Federal Reserve?

The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution.

As the nation's central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.

However, the Federal Reserve is subject to oversight by the Congress, which often reviews the Federal Reserve's activities and can alter its responsibilities by statute. Therefore, the Federal Reserve can be more accurately described as "independent within the government" rather than "independent of government."

The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

http://www.federalreserve.gov/faqs/about_14986.htm

 

So! The question stands.. if the Federal Reserve is collecting .25% interest on $100 Trillion Dollars a Month (minimum).. Where Does ALL!! That Money Go?!?!?!?!?!

6% here.. 6% there.. Participated Out to the Shareholders.. into their Federal Reserve Bank Accounts.

 

So if the Federal Reserve is Collecting 6 times more a MONTH in Interest payments than is due by the United States of America (for our National Debt of $15 Trillion).. Why are the American People having too carry that debt? When the Federal Reserve is making AT LEAST 6 Times More than the Payment Due by ALL! of us?

 

Henry Ford-

"It is well enough that people of the nation do not understand
our banking and monetary system, for if they did,
I believe there would be a revolution before tomorrow morning."

 

If the Shareholders of the Federal Reserve are collecting their 6% of the $100 Trillion (minimum) Dollars a month in Interest payments..

 

Then why in the FUCK! Do We the People of the United States need to be taxed to death to pay for the Bank Bailouts?

How fucking hard is this for anyone to understand?

How can I dumb it down more for you?

How many people do you think you could explain this very simple FACT too?

 

When do you think would be a good time to let people know this?

Never mind Baby Boomers! I know you are just trying to sneak out without having to pick up this for shit bar tab the rest of us are saddled with!

But you younger people that will have to live this fucking nightmare going forward for a good long while should take a GREAT! Amount of interest in the facts that have been dumbed down and sourced and sited for even the most simplistic of mentalities to be able to grasp, easily.

 

So!

Clip and Paste!

And then send it to everyone you know in your email box.. it is like you have to click the mouse 5 or 10 times total to educate everyone you know.. and feel free to let the dumbasses that you are sending this to as well know how simple it is to educate everyone they know..

And maybe..

Just fucking maybe!

We will be able to stop getting RAPED by the Federal Reserve and Washington DC via the Wall Street Lobby!

 

Thanks for Playing Along!

Add your name here! _____________________

 

Mon, 02/06/2012 - 17:40 | 2131973 JW n FL
JW n FL's picture

 

 

that link would not load...

and then I tried just the short version of http://www.google.com/#q=the+federal+reserve+cartel and that would NOT! Load!

then I just typed it out.

 

but the point of the links above.. are that they are the FED's own words.. and the FED's Loans..

the links are all FED info.. I am just connecting the dots!

the google link is my copy of the Federal Reserve Loans.. from 3-8-2008 to 3-8-2009 that was part of the Bloomberg Law Suit for release of information.

so everything there is either the FED..

or Bloomberg.. with my connecting the dots..

there is no bullshit!

no coulda!

woulda!

or shoulda had some real docs!

all real docs from the FED!

no Boogy Men Bull Shit!!

Mon, 02/06/2012 - 16:23 | 2131645 Non Passaran
Non Passaran's picture

> So! The question stands.. if the Federal Reserve is collecting .25% interest on $100 Trillion Dollars a Month (minimum).. Where Does ALL!! That Money Go?!?!?!?!?!
> 6% here.. 6% there.. Participated Out to the Shareholders.. into their Federal Reserve Bank Accounts.

Hmm, doesn't it go to the Treasury? After they deduct their expenses, which is some change for running the scam, few billion USD a year.

Mon, 02/06/2012 - 17:41 | 2131957 JW n FL
JW n FL's picture

 

 

I Provided you the link to the Federal Reserve Web Site..

and I as well posted what the federla reserve website says.. word for word.

 

The federal reserve pays its sahre holders 6%, it is the LAW!

 

do you understan now?

 

am I getting thru?

 

The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

http://www.federalreserve.gov/faqs/about_14986.htm 

Mon, 02/06/2012 - 15:48 | 2131474 Atlantis Consigliore
Atlantis Consigliore's picture

more lies and farts:  how about an  Sarbanes Fartly and regulator Schtupick  filing;

 

new verb  FARTITIFICATION:  def:  MF Global, to obscond, move, cash transfer, hide, deceive and berfumble, berfuddle, and shitumble, client accounts  with FROS, DSROS, MFROS, and POLRos, until you vomit;   syn: to steal.  syn: Hypothecation. 

 

Chorus, and all raise your right hand in front of Fart Congress and Swear to Fart after me:

 

Do you promise to fart.....http://youtu.be/KMibdeOZ3_s   

 

and nothing  but the fart,  hey it takes a lot of shit to hide $ 1.2 B  in non recorded cash transactions.  LOL   Since Oct 26th LOL

 

 

Mon, 02/06/2012 - 15:43 | 2131479 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

US banks to steal Iranian funds legally?

Previously, U.S. banks were required to reject, rather than block and freeze, Iranian transactions. The new executive order gives American institutions new powers to seize assets they encounter instead of just turning them back.

Mon, 02/06/2012 - 15:46 | 2131495 YesWeKahn
YesWeKahn's picture

I bet you that the FED does that too.

Mon, 02/06/2012 - 15:50 | 2131504 Pancho Villa
Pancho Villa's picture

The Fed makes cash appear out of thin air, and Global M*****F***ers make cash vanish into thin air.

The PTB giveth and the PTB taketh away.

Note that lots of commodities investors were among the ones that the PTB took from. Coincidence?

Mon, 02/06/2012 - 15:52 | 2131521 Benjamin Glutton
Benjamin Glutton's picture

higher error rates and shortfalls during a run on a soon to be insolvent broker is hardly surprising.

 

 

more sensationalist headline cover for JPM,imo.

Mon, 02/06/2012 - 15:53 | 2131525 Dr. Engali
Dr. Engali's picture

I do not understand what keeps people from storming the gates. It's almost as if the criminals get more brazen because they know the people are going to roll over and take it.

Mon, 02/06/2012 - 16:09 | 2131585 Dapper Dan
Dapper Dan's picture

 

Could this be the rejoinder?

Super Bowl XLVI was most-watched TV show in US history with 111.3 million viewers, according to Nielsen Company data - @NBCSports
Mon, 02/06/2012 - 15:54 | 2131529 Waterfallsparkles
Waterfallsparkles's picture

I bet JPM would find the Money if Customer Accounts were protected in the Bankruptcy.

Mon, 02/06/2012 - 15:55 | 2131532 firstdivision
firstdivision's picture

Maybe that missing cash is what is being used to sell dollars while buying GBT's....

Mon, 02/06/2012 - 15:56 | 2131540 pain_and_soros
pain_and_soros's picture

Full report: Status Update from the Office of James W. Giddens, Trustee for the Liquidation of MF Global Inc., Concerning the Trustee’s Investigation

February 6, 2011 – New York, New York – James W. Giddens, the Trustee for the liquidation of MF Global Inc., today filed a preliminary report on the progress of his investigation into the failure of the broker-dealer with the United States Bankruptcy Court for the Southern District of New York, the Honorable Martin Glenn, presiding. The Trustee’s investigation has preliminarily determined that MF Global Inc. had a shortfall in commodities customer segregated funds beginning on Wednesday, October 26, 2011, and that the shortfall continued to grow in size until the bankruptcy filing on Monday, October 31, 2011.

 

who says no one foresaw this?...

Mon, 02/06/2012 - 16:19 | 2131628 Monkeyfister
Monkeyfister's picture

That cash didn't "vaporize," it was STOLEN-- plain and simple. It should be treated as stolen goods by the proper authorities, and those trafficking and receiving those BILLIONS in stolen goods should be prosecuted to the farthest extent of the Law.

As it stands right now, the message being sent is that Crime and Punishment only applies to the 99%.

 

Mon, 02/06/2012 - 16:23 | 2131634 Use of Weapons
Use of Weapons's picture

If you want to know why MF Global isn't going anywhere, here's a reason:

(source: Polish media - you won't find this published on American soil)

 

http://www.eastnews.pl/pictures/subject/id/00935088/section/news/page/1/

 

Yes, the pictures are low quality, and yes, there's no zoom. But I'm confident that you can easily make out the brass name plates of Goldman Sachs, JP Morgan Chase and so on from them (I'll be keeping mirrors non-listed for now, in case of... accidents with their servers), alongside NYPD police uniforms.

 

What is it?

 

It's $150 million dollars of public / private money spent on image recognition software, algos and hardware covering New York

 

Occupy Wall Street have nary a clue: Wall Street owns the police, and they have their own workstations on the largest, most sophisticated urban surveillance setup in the world [non-military/NSA]. They are, quite literally, above the law.

 

Because they now are the law.

 

http://www.youtube.com/watch?v=z5OYZVFN934

Mon, 02/06/2012 - 17:54 | 2132029 Seasmoke
Seasmoke's picture

well i guess Kellys son shouldnt worry about those rape charges

Mon, 02/06/2012 - 19:40 | 2132325 Stax Edwards
Stax Edwards's picture

UoW:

Glad to see your still around haven't seen you post in awhile.  Please keep us posted on the view from your window on the world, you provide keen insight for those of us still stuck in the echo chamber. Cheers!

Mon, 02/06/2012 - 16:35 | 2131680 Money 4 Nothing
Money 4 Nothing's picture

"Did Not Always Record Cash Movements"

Not only that, we testified the shit vaporized, get over it.

Mon, 02/06/2012 - 16:47 | 2131738 I am a Man I am...
I am a Man I am Forty's picture

This is so dumb, do they expect us to believe that clients walked up and handed them cash in a paper bag, then MF Global got on a fucking ship with the cash and gave it to JPM in London?!?

This is fucking nonsense.

Mon, 02/06/2012 - 17:15 | 2131871 hedgeless_horseman
hedgeless_horseman's picture

 

 

Yes.

Yes.

Mon, 02/06/2012 - 18:11 | 2132093 WVO Biker
WVO Biker's picture

 As of now MF customer accounts on average have received 72 percent of their former funds.

Mon, 02/06/2012 - 17:20 | 2131893 MrBoompi
MrBoompi's picture

If Jamie Dimon's lawyers tell you to give JPM the money and forget to write down the details of the fucking transaction, that's what you fucking do.  Got it?

 

Mon, 02/06/2012 - 17:35 | 2131954 Yellowhoard
Yellowhoard's picture

"Account for money, don't account for money! "

"Hell, sometimes I wipe, sometimes I don't".

-John Corzine

Mon, 02/06/2012 - 17:44 | 2131987 ZeroPoint
ZeroPoint's picture

I wish I could tell the IRS the same thing.

Mon, 02/06/2012 - 18:17 | 2132108 Jena
Jena's picture

Indeed, you could tell them that.  How much it would cost you in back taxes, penalties, fines and prison time is another matter.

Mon, 02/06/2012 - 18:13 | 2132101 Sutton
Sutton's picture

I own and operate a brokerage and we do not record cash movements.  And the retards from the CME have never noticed.  Life is so easy for us, unlike for you  always lose victims.

HaHaHaHaHa

Mon, 02/06/2012 - 19:29 | 2132294 Offtheradar
Offtheradar's picture

Lets save some tax money.  Dismantle the justice system.  Its all a fucking free for all with no consequences anyway.

Mon, 02/06/2012 - 21:37 | 2132485 michigan independant
michigan independant's picture

Circuit breaker in action. Corzine was no longer needed or wanted since he was deemed toxic. Shotgun used to shoot the devil in the back got a few others in the process. The forensic trail will take some time if they hit no hard stops. You can trace this back to the seventy's to policy moves on why the agency's are toothless. Just asking how much did the four percent go for in the LME proxy fight?   http://www.lme.com/who_governance_holdingsshareprice.asp

 http://www.reuters.com/article/2011/11/19/uk-mf-global-idUKTRE7AI0P920111119?type=companyNews

http://en.wikipedia.org/wiki/INTL_FCStone

http://www.intlfcstone.com/Pages/default.aspx

http://www.nasdaq.com/symbol/intl/institutional-holdings

Tue, 02/07/2012 - 02:26 | 2133095 celticgold
celticgold's picture

They are not called RATHOLES for nuttin!

Do NOT follow this link or you will be banned from the site!