Jesse has the verdict: guilty of theft. Will we see prosecutions? Martin Armstrong says we will never see the criminals prosecuted because when you start, where do you stop?
MF Global’s Customer Assets – STOLEN
As I suspected, MF Global took liquid assets like Treasuries, but not cash which would have been more quickly missed, from customer accounts to post as illegal collateral for emergency funding with a lender who must have known that they were receiving stolen goods.
When things fell apart, the lender simply took the collateral and liquidated it, and kept the money.
And now they are refusing to acknowledge this, and apparently the management of MF Global is not yet talking. Why? Because it was an insider deal, and they don’t want to give back the stolen money.