Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

MF Global trustee says $1.2 billion missing from company

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Reuters
November 22, 2011

The shortfall of commodity customer funds at MF Global Holdings Ltd may be around $1.2 billion, about double initial estimates from regulators, the trustee liquidating the company said on Monday.

The news was a blow to customers still hoping to get more of their cash out of frozen broker accounts and raised new questions about why the authorities managed to locate only about 60 percent of the segregated customer funds three weeks after the parent firm’s October 31 bankruptcy.

“I’m flabbergasted,” said Tom Ward, a retired Chicago Board of Trade member whose two sons cleared their futures trades through MF Global and have been blocked from accessing their money. “The bottom line is, there’s going to be a haircut involved. It’s devastating, what this has done to the industry.”

Monday’s announcement was trustee James Giddens’ first public statement on the size of the shortfall, which regulators initially said was about $600 million.

Full article here

This article was posted: Tuesday, November 22, 2011 at 9:19 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
Kiev Censors MH17 Air Traffic Control Recordings See the rest on the Alex Jones YouTube channel.

Obama Says Israel Has A Right To Defend Its Border While He Collapses The US Border See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.