Relevant:
- Janet Tavakoli - MF Global: JPMorgan Produces "Smoking Gun"
- CME's Duffy Throws Corzine Under The Bus
- Trustee Suggests MF Global Misused Customers' Money
- Probe points to MF Global's misuse of segregated customer funds
- Rehypothecation Is An Old Story: MF Global's Story Is a Different Story of Filched Funds
2012-05-01 — huffingtonpost.com
Terrence Duffy, executive chairman of the CME Group, testified to Congress on December 13, 2011 that a draft report showing a more than $900 million shortfall in required segregation was withheld from regulators. MF Global employees later claimed this was due to an "accounting error," but auditors found no such so-called accounting error. Later, MF Global admitted the shortfall was real and that so-called segregated customer funds had been impermissibly transferred. Lawyers notified Duffy by phone and email that a senior MF Global employee indicated Corzine was aware of "loans" of money from segregated account to MF Global's European affiliate and that at all times the people doing the transfers were under the authority of MF Global management.
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