Searching for the "smoking gun" at MF Global
I was asked recently by one of the New York Times' best
financial reporters why, four + months after the demise of MF
Global where $1.6bn of supposedly "segregated" futures customer
funds have "gone missing," no one is in jail.
The short answer is that criminal prosecutions require proof
of deliberate violation of the "seg" requirement and the
disclosed evidence to date portrays a company in chaos during
its final days when decisions were made swiftly and not
necessarily in an orderly fashion.
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