FORTUNE — Jon Corzine is “weighing whether to start a hedge fund,” according to a NY Times article that also says the former MF Global boss is unlikely to face criminal charges for his role in the brokerage firm’s collapse. Somewhere, the ghost of P.T. Barnum must be smiling.
This defies explanation. Maybe he’s trying to [...]
Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage’s JPMorgan Chase & Co. (JPM) accounts in London, according to an e-mail sent by a firm executive.
Edith O’Brien, a treasurer for the firm, said in [...]
This is going to be my shortest post ever.
In March of 2009, Bloomberg.com wrote up quite the interview with the descendant of a man who made a lot of money during the South Sea Bubble almost 400 years ago, and who now is the same family’s head of the bank founded in 1762.
With the latest commodities sell-off today, the prices of both cocoa and sugar are about 1/3 off their recent highs. Look for that bar of the dark sweet stuff to bulk up a bit. Silver, platinum, copper, etc. are in confirmed bear trends, and since all are more than 20% below their highs, one might [...]
The Democratic operative Bob Shrum has committed what in my opinion is a serious mistake in his paean to the former chairman and CEO of MF Global titled In Defense of Jon Corzine. He manages to extol Mr. Corzine’s political virtues while ignoring the apparent fact that about $600 million of MF Global’s segregated customer [...]
I’m getting back to normal posting after travel, and want to uptake my “risk off ” posture.
Regular readers know that I went 180 degrees to a “risk off” posture in early May from the aggressive risk on posture I had assumed in late August 2010, and then after the stock market hit what I [...]
From Bloomberg.com, MF Global Customers Say Money Safeguards Failed:
Customers of MF Global Holdings Inc. whose money is still trapped at the futures broker almost a week after filing for bankruptcy protection say the safeguards meant to protect them failed as exchanges and regulators work to move client positions . . .
“It shows a [...]
This article is from Cafe Hayek and is republished with permission of the author.
By Russ Roberts
The collapse of MF Global, a highly leveraged gambler on Europe’s fate using other people’s money means that those who funded those gambles have lost virtually all of their money. Some of those who financed those gambles were [...]
The strangely-named MF Global is now the subject of the lead article of the online NYT, with the title Regulators Investigating MF Global for Missing Money. Here’s the lede:
Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into [...]
Why do guys like Jon Corzine get to run anything? He took Goldman Sachs public and then was booted out. He then bought himself a Democratic Senate seat with some of the $400 million he took out of GS, and pursued rather standard liberal policies. He then bought himself the governorship of NJ and ran [...]