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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: Kenneth E. Phillipps who wrote (118052)11/21/2011 1:01:36 PM
From: Hope Praytochange2 Recommendations   of 224749
 
MF Global missing funds may hit $1.2 billion

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    • By James O'Toole @CNNMoneyNovember 21, 2011: 12:04 PM ET



    NEW YORK (CNNMoney) -- More than $1.2 billion in customer funds might be missing from bankrupt brokerage MF Global, nearly twice previous estimates of the shortfall, the trustee administering the firm's bankruptcy said Monday.

    MF Global ( MFGLQ) was forced to file for bankruptcy last month after it disclosed $6.3 billion in exposure to troubled sovereign debt from weak European countries, sparking panic among investors.



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    Government regulators later said that roughly $633 million out of the $5.4 billion in customer funds at the firm were unaccounted for.

    On Monday, however, that figure was revised significantly higher.

    "[T]he apparent shortfall in what MF Global management should have segregated at U.S. depositories may be as much as $1.2 billion or more," the office of trustee James Giddens said in a statement.

    A spokeswoman for MF Global referred questions back to the trustee.

    The FBI and federal prosecutors are now investigating the firm, which was headed by former New Jersey governor Jon Corzine until his resignation earlier this month.
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