MF Global went bust 131 days ago, soon after $1.6 billion of client funds disappeared. Still not one person has been arrested.
What happened to the $1.6 billion? Investigators have suggested that the money “vapourised”. Oh yes, vapourised: poof! and just like that $1.6 billion just disappeared in a puff of smoke. Like it does.
Maybe that’s why investigators suggest that $1.6 billion of disappeared client money is now “unrecoverable”. Because it just, you know, vapourised.
And now they say there’s “a doubtful criminal case” against anyone at MF Global. Well who’s to blame when $1.6 billion just vapourises?
Still, happy days for some. Investigators are expected to push for the three senior executives at MF Global (including Jon Corzine) to be paid “performance-related bonuses” of hundreds of thousands of dollars in relation to the unwinding.
Former FBI Director Louis Freeh is heading the investigation.
Jon Corzine remains ex-Chairman and CEO of Goldman Sachs, ex-Governor of New Jersey, ex-CEO and Chairman of MF Global and the man who bundled Wall Street money for Obama’s election campign.