It is not often that we see an official admission by a company to its regulators that oops, 'it just may have embezzled' hundreds of millions of dollars from its clients. Today, courtesy of the WSJ, we do, namely that of MF Global advising the SEC that it has "discovered a significant shortfall in its segregated funds account." Expect to see this revalation in countless investor lawsuits against the company. Also, expect to see all bonuses paid to MFG's employees the day before the company filed to be clawed back in the form of fraudulent conveyance lawsuits, so to any former MF workers: our advice is don't spend all that client money just yet. Incidentally, the primary SEC supervisor for MF Global is Michael Macchiaroli at firstname.lastname@example.org - let's all take a minute to personally thank him for being on top of this whole bankruptcy like a hawk.