From Zero Hedge:
The bankruptcy trustee in the MF Global case, James W. Giddens, has been making great efforts to convince JPMorgan Chase to return hundreds of millions of dollars in customer money apparently stolen by Jon Corzine and his confederates. The trustee is also preparing to sue Corzine and other individuals to recover monies taken from MF Global.
James Stewart writes in The New York Times
"Contrary to vague and self-serving assertions that MF Global’s affairs in its last week were so chaotic that no one really knew what was happening, some people at the firm obviously knew only too well, and took desperate measures that ignored clients’ interests. In doing so, they violated the most basic obligation of any brokerage firm, which is to protect customers’ assets."
Though the action by Giddens is reason for hope in a moral sense, it is not reason for great optimism in terms of...
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