With all respect to a classic film with two great characters:
John Corzine when asked “Where’s the money?”
“Gee, I Don’t Know”
Jon Corzine, the former chief executive officer of the bankrupt broker MF Global, apologized for his firm’s failure Thursday and told a House committee that he doesn’t know where its missing customer money went.
“I simply do not know where the money is, or why the accounts have not been reconciled to date,” Corzine said, in prepared testimony to the House Agriculture Committee on Thursday.
I can’t even pretend to be any type of financial expert, but I listen to a great show on the radio every Sunday and when this story first broke, the hosts were completely aghast that one single cent of client money was not accounted for and that MF Global had taken a financial GAMBLE on the European bond market that was so huge, that if it went bad, they were guaranteed to go bankrupt.
Analysts believe MF Global may have unlawfully mixed customer money with its own, though no one at the firm has been formally accused of wrongdoing.
“…may have mixed customer money…..”????
1.2 BILLION dollars of customer money is missing and they say “may have”.