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The NY Times reported today that the investigation into MF Global’s bankrucpty has located most of the missing $1.2 billion of customer money.
Investigators have determined what happened to nearly all of the customer money that disappeared from MF Global around the time of its bankruptcy last Oct. 31, but have not publicly disclosed their progress, fearing that doing so might cripple efforts to recover the cash and pursue potential wrongdoing, people briefed on the investigation said.
While authorities have traced hundreds of millions of dollars to banks, MF Global’s trading partners and even the firm’s securities customers, investigators remain uncertain about whether they can retrieve the money.
As I was reading this article I had the strange feeling that I lived in an alternative universe. At no point did the New York Times bother to mention the name of former Democratic New Jersey Governor Jon Corzine, the economic go-to guy for the Obama administration and the man who was in charge of MF Global when all of this illegal and incompetent activity occurred. For those that want to know a bit more about the story, you might want to go to this New York Post editorial today, which lays out the issues that the New York Times so conveniently wants everyone to forget, and also notes that even now Corzine is out there campaigning and raising funds for Obama’s re-election.
Well, as they say, birds of a feather will flock together.