Friday, December 9, 2011

Follow the Money

Follow the money if you can, if you can! Follow all that money if you can! (Sing it to the tune of “She’ll be comin’ round the mountain!”)
by Charlie Leck

A former chief executive at MF Global says he hasn’t an idea whatsoever about what happened to all that money.

We are not talking here of a buck or two, you understand. In this case, Jon S. Corzine is talking about “many hundreds of millions of dollars.” In the end, the tally might add up to well over a billion dollars. Geez, Louise!

MF Global is currently being liquidated. The firm was supposed to keep funds invested by clients separate from its own corporate funds and reserves. Somehow they got all mixed up.

“How’d that happen, Mr. Corzine?”

The gentlemen from New Jersey didn’t have the slightest idea what had become of those funds or how they got all mixed up. Strange how guys from NJ tend to make oversights like this! Isn’t it?

Mr. Corzine is a former governor of New Jersey. He was also, for a time, a U.S. Senator from New Jersey.

The feds are, of course, investigating. That inquiry is being led by the FBI. Of course, Mr. Corzine has not been able to be helpful.

Corzine has, however, issued a touching apology to the company’s customers, who “are bearing the brunt of the impact of the firm’s backruptcy.”

No kidding, Mr. Corzine! No kidding!

An independent auditing company indicated that customers’ fund were adequately segregated prior to October 31 of last year. Sometime after midnight on the morning of October 31 those funds went missing.

Trick or treat!

On November 4, Corzine issued a statement indicating his “great sadness for what has transpired at MF Global…”

Oh, geez! Thanks Mr. Corzine!

Isn’t life wonderful? Still wondering why all those folks parading around on Wall Street, protesting, are so angry and bewildered?

Mr. Corzine is personally a very, very wealthy man. This huge mystery will have very little impact on him – unless, of course, he has to spend a bit of time in a federal prison for being so careless as to lose that billion dollars of other people’s money.

What a revoltin’ development this is?

It’s an amazing world, is it not? A billion here! A billion there!

Find a way to be helpful to those Wall Street Occupiers, will you?


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