Ex-CEO of Goldman Sachs, Jon Corzine, claimed that he was stunned when he learned that his brokerage firm (MF Global) didn't have their customers' money. But it was his company. How in the hell could he not know that people were stealing hundreds of millions dollars from their customers. These guys were leveraged 40 to 1. Which in plain English means that they were betting 40 dollars when all they had was one buck. So naturally, when another European crisis popped up, MF Global was toast. And since they used their customers' money, they were left holding the bag.
“There were an extraordinary number of transactions during MF Global’s last few days, and I do not know, for example, whether there were operational errors at MF Global or elsewhere, or whether banks and counterparties have held onto funds that should rightfully have been returned to MF Global,” Corzine claimed.
Really? So either he is a crook or incompetent. Either way, he needs to be held accountable. But I doubt anyone was able to do anything with the money with him knowing. I know this lady who worked at a tax preparation store. Some money disappeared and the manager made everyone pay $20 bucks out of their own pocket to cover the lose. Even though she didn't steal anything, she had to pay.
When I was for a small bail bonds company, 15 bucks was missing from the safe. the boss showed me the receipt and I desperately search the office for the money only to discover that he took the money out of the safe. he was going to make me pay for the lost. So now I'm supposed to believe that hundreds of millions of dollars just walked away. This is garbage. Jon Corzine needs to go to prison and if this type of injustice continues, it's going to lead to a backlash.
Corzine 'stunned' that MF Global couldn't find missing funds