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Title: Obamanomicist Corzine's (D-NY) $633M MF game of ‘hide-seek’
Source:
NY Post
URL Source: http://www.nypost.com/p/news/busine ... de_seek_eiuxClKBQeeUo47hlHpxlN
Published: Nov 13, 2011
Author: MICHAEL GRAY
Post Date: 2011-11-13 08:52:23 by Happy Quanzaa
Keywords: Obama-doma-ding-dong, Obamanomics in Action, Corzine, Goldman Sachs, MF Glo
Views: 440
Comments: 1
The $633 million in missing client funds from Jon Corzine’s now-bankrupt firm MF Global appears to be a result of a “massive hide-and-seek ploy,” a US Commodity Futures Trading commissioner said yesterday. “This isn’t just a lost-and-found inquiry; it’s a full-on effort to get to the bottom of what appears to be a massive hide-and-seek ploy,” said CFTC commissioner Bart Chilton said in disclosing the MF investigation. “It’s a distinct possibility, some would say probability, that somebody has done something with the money, and that it’s not going to be ‘all of a sudden discovered’ with an innocent explanation,” Chilton wrote. “If that’s the case, it’s patently illegal. I don’t know yet. Our investigation will uncover that, and we’re aggressively pursuing this.” The CFTC is headed by Gary Genler, who recused himself from the investigation because he worked with Corzine at Goldman Sachs and as a Senate aide. It made the unusual step of publicly announcing its probe to avoid conflict-of-interest charges, saying it was in the public interest to confirm the enforcement action. Jill E. Sommers was named senior commissioner during the probe. “I have complete confidence in the dedicated men and women in enforcement to carry out the necessary investigation to get to the bottom of what happened,” Sommers, a Republican, said in a statement. On Friday, the bankruptcy trustee James Giddens said that out of an estimated 50,000 commodity accounts handled by MF Global, 17,000 have been transferred back to customers -- although some of the cash and collateral still remains frozen in those accounts. Many of those are personal accounts of commodity futures traders, which means these traders cannot execute trades or liquidate positions. With Post Wire Services Read more: www.nypost.com/p/news/bus...Uo47hlHpxlN#ixzz1daqUfr9j
$633M MF game of ‘hide-seek’
CORZINE
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