Tuesday, November 22, 2011

Jon S. Corzine: Man of Financial Destruction

No wonder New Jersey was in such a bad way when Chris Christie took over as Governor.

Look what a mess Corzine has made at MF Global.

MF Global Trustee says shortfall could exceed $1.2 Billion
By Michael J. De La Merced and Ben Protess - NY Times

The amount of customer money missing from the collapsed trading firm MF Global may be more than $1.2 billion — double previous estimates — the trustee dismantling the firm’s brokerage unit said on Monday.

But the surprise finding, which caught regulators off guard, may be overstated, according to a person briefed on the investigation. Some regulators say they believe that the trustee double-counted $220 million that had been transferred between units of MF Global, this person said.

Still, the much higher number highlights the disarray of MF Global’s records and raises significantly the hurdle for tens of thousands of customers seeking to get their money back. The trustee’s estimate represents a significant portion of customer funds held by MF Global.

The rest of the story: