Yesterday Bloomberg.com posted an article showing where some of the money that disappeared from MF Global Holding Ltd. under the guidance of Jon Corzine might have gone. There is a memo showing Jon Corzine gave direct orders to transfer money from customer accounts to JPMorgan Chase & Co.
The article reports:
Edith O’Brien, a treasurer for the firm, said in an e-mail quoted in the memo that the transfer was “Per JC’s direct instructions,” according to a copy of the memo obtained by Bloomberg News. The e-mail, dated Oct. 28, was sent three days before the company collapsed, the memo says. The memo does not indicate whether that phrase was the full text of the e-mail or an excerpt.
Jon Corzine testified before Congress in December:
“I never gave any instruction to misuse customer funds, I never intended anyone at MF Global to misuse customer funds and I don’t believe that anything I said could reasonably have been interpreted as an instruction to misuse customer funds,”
Whoops! It sounds as if Mr. Corzine has some ‘splainin’ to do.