Well, This Would Be a Problem

by Pejman Yousefzadeh on December 8, 2011

For all of the MF Global fans out there who are wondering where their money is, be informed that Jon Corzine–you know, the guy who ran MF Global–has no idea whatsoever what happened:

Jon S. Corzine, the former U.S. senator and New Jersey governor who presided over the collapse of the commodities brokerage MF Global, says he cannot explain what happened to “many hundreds of millions of dollars” that the firm was holding for customers.

In testimony prepared for delivery to Congress Thursday, Corzine says he was “stunned” to learn shortly before the firm sought bankruptcy protection at the end of October that MF Global could not account for the money.

“I simply do not know where the money is, or why the accounts have not been reconciled to date,” the former MF Global chief executive says, according to the testimony.

Regulators pushed MF Global into bankruptcy court on Halloween after an effort to sell the troubled firm unraveled. The firm is now in liquidation.

The firm was required to keep clients’ money separated from its own. But more than $1.2 billion may be missing, the trustee overseeing the firm’s liquidation said last month.

The FBI, the Commodity Futures Trading Commission and other authorities are investigating and have had difficulty figuring out what happened to the missing funds.

This should make for a very fun congressional hearing. Relatedly, can I ask again that a certain ad be made?

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