The MF Global probe begins. Here are the broad scope details from Bloomberg
- Trustee liquidating MF Global brokerage has started a probe into the company’s failure after getting a judge’s go-ahead. To protect books and records, forensic accountants are “securing” offices in NYC, Chicago, trustee James Giddens said in a statement today.
- "Significant’’ numbers of brokerage accounts being transferred
- Individual accounts will probably be transferred next week
- Giddens, team will work weekend on bulk transfers
As readers will recall, it was only 2 years after the Lehman filing, did Anton Valukas discover such critical mainstays of modern banking fraud as Repo 105. Alas, we do not hold much hope here, at least in the beginning, and certainly not before the FBI is involved.
We will bring you more as soon as we see the filing hit the MF docket.