1. Finance

    Corzine’s MF Capital Missing Millions

    Dollar weakens.File photo dated 30/11/2006 of a bundle of $100 bills lying on the counter at the 'TT Foreign Exchange' Bureau de Change, on Oxford Street in London. The dollar continued its decline against the world's major currencies today as traders braced themselves for more action to prop up the US recovery. Issue date: Friday October 15 2010. Earlier this week, minutes from a meeting of the US Federal Reserve revealed the central bank was leaning towards pumping more money into the world's biggest economy - known as quantitative easing (QE) - in a bid to jump-start growth. See PA story CITY Dollar. Photo credit should read: Clara Molden/PA Wire URN:9625968 (Press Association via AP Images)

    Clara Molden

    Where’s the money? Hundreds of millions of dollars of customer money have gone missing from MF Capital, the brokerage firm managed by former New Jersey governor and U.S. senator Jon Corzine. The missing cash was enough to scare away a rival firm that had planned to rescue the company by buying a major part of it; as a result, MF Capital filed for bankruptcy on Monday. The $700 million in question may simply reflect poor internal controls at MF Global, but it also may point toward “something more intentional and troubling,” according to The New York Times. Under Corzine, MF Global had purchased large amounts of debt from Spain, Italy, Belgium, and Ireland, thinking its value would soar once Europe solved its debt crisis.

    Read it at The New York Times