Where Did The Money Go?

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.

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