Jon Corzine provided his testimony today before a Senate panel to address the mystery behind the MF Global's Missing Customer Funds.
"Where's the money?", was a common topic, but apologetic ex-CEO Corzine denied knowing the whereabouts of the missing $1.2 billion.
"I simply do not know where the money is," uttered Jon Corzine during his testimony, as he denied wrongdoing.
The same thing was basically alleged by Man Financial's (or does "MF" stand for "Missing Funds"?) CFO Henri Steenkamp and Chief Operating Officer Bradley Abelow when they testified at the hearing (you can find out about the MF Global bankruptcy and how to protect your account from a fiasco like this if you read our prior blog post, "Are MF Global Forex Accounts Safe?").
But how did someone waive a magic wand and poof!…The $1.2 slip underneath the noses of the firm's top dogs?
The Missing MF Global Funds are Found! Rejoice!
As a Professional Forex Trading firm, we were not pleased with the excuses we heard from MF Global (and Jon Corzine) about the missing money.
As a result, we decided to do a little investigative work, dig a little deeper into the issue, and see what would come up.
Guess what folks? Man Financial customers can now rejoice. The missing $1.2 billion has been found!
See the image below for answers.
Sorry; it was a tasteless joke, but we couldn't help ourselves! (Hey, what is Bernie doing paying homage in the front row?!?!?)
Unfortunately, as we discussed in our prior MF Global Bankruptcy Blog Post, even though the US government requires a Futures or Forex Account to be segregated, NFA and CFTC customer fund protection leaves a lot to be desired.
Don't let your funds disappear with the sinking of the next MF Global a la Captain Corzine. Read our blog post on Forex Trust Accounts, "Is your Forex Account Really Safe?"
Let us know what you think about the whole situation with the missing funds and Jon Corzine's testimony by leaving your comments below. To help other Forex investors protect themselves going forward, please make sure to use the Facebook and Google +1 buttons below to share this article.