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Business news without the bullshit
Yes, it's a crime
Let's get the story straight
Let's get this straight: People with their funds frozen are account holders, not "investors" in the company
The people whose funds Corzine & Co. apparently tapped were not "investors" in the company.
These are people who had their own trading funds in accounts that were supposed to be segregated and kept entirely separate from the firm's funds.
What MF Global did is the equivalent of drilling into these people's safety deposit boxes and taking the money to the track to be on horses. Or ransacking luggage put on an airplane to see if there was anything in it worth stealing.
Question: How many other brokerage houses are doing this - and haven't gotten caught yet?
Corzine was a former CEO of Goldman Sachs and former Governor of New Jersey. He can't possibly not have known that what he was doing was illegal.
Corzine was a major fundraiser for Barack Obama, which might explain why - for the moment at least - he's not in handcuffs.
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