The New York Times (1 Nov 11)
The investigation into hundreds of millions of dollars in missing money at MF Global has widened, as the CME Group confirmed on Tuesday that the brokerage firm failed to keep customer money separate from company money.
The serious blunder by MF Global, a commodities powerhouse run by Jon S. Corzine, the former New Jersey governor, violated crucial Wall Street regulations, CME’s chief executive said.
CME, the giant exchange where MF Global did business until Monday, said it was investigating the missing money, joining federal regulators like the Commodity Futures Trading Commission. Using special permission from regulators, CME was planning to take the unusual step of transferring MF Global’s customer positions without returning all the collateral the customers originally posted, according to a person briefed on the matter.
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- Jon Corzine – Wikipedia
- MF Global – Wikipedia
