“Exactly what happened, I don’t think anyone knows”
Paul Joseph Watson
Thursday, November 17, 2011
Over $600 million dollars in customer funds that was transferred out of MF Global in a wave of suspicious trades before the collapse of the financial broker has now been declared “missing,” despite the fact that reports earlier in the month stated the money had been placed in an account with Wall Street giant JP Morgan.
As we reported yesterday, clients of MF Global and its subsidiaries, including prominent trends forecaster Gerald Celente, were shocked to learn that their accounts had been emptied by Chapter 11 trustees. The looting took place in the days before MF Global’s collapse following revelations that the broker was exposed to crisis-hit European debt bonds.
However, weeks beforehand, billionaire investors like the Koch brothers had the miraculous foresight to withdraw all their money, prompting accusations that big players got a ‘heads up’ in advance of the firm’s collapse.
“The missing $600 million has still not been located despite an army of regulators, investigators, lawyers and others descending on the disgraced futures brokerage to conduct a search. Judging from media reports, people are still at a complete loss to explain how so much in client money could just disappear,” reports Fierce Finance.
News reports concerning the notion that the money has seemingly vanished into thin air are absent any mention of prior reports that confirmed the funds had been deposited with JP Morgan Chase.
On November 4, the Financial Times reported that hundreds of millions in looted funds from customers’ accounts later “turned up at JPMorgan Chase, the failed broker-dealer’s custody bank.”
Citing a report in the Wall Street Journal, Fox Business also reported that MF Global, “recently discovered that about $659 million of its customer segregated accounts resided in an account at banking heavyweight JPMorgan Chase (JPM).”
However, after JP Morgan claimed the funds found in its account “isn’t the missing money” stolen from MF Global clients, the story went cold, despite MF Global executives claiming otherwise. Either MF Global or JP Morgan are telling porkies.
The lawyer for James Giddens, the trustee supervising the liquidation of the MF Global, said “Exactly what happened, I don’t think anyone knows,” in reference to the missing $600 million.
Thousands of irate customers have been told they will only get around 60 per cent of the money back that was in their accounts, a total release of $520 million, despite the fact that Giddens has access to more than $1.4 billion.
Paul Joseph Watson is the editor and writer for Prison Planet.com. He is the author of Order Out Of Chaos. Watson is also a regular fill-in host for The Alex Jones Show.
This article was posted: Thursday, November 17, 2011 at 9:50 am