Panic Behind The MF Scenes As Company Refuses To Disclose Information To Regulators

Discussion in 'Stock Market' started by hvactec, Oct 31, 2011.

  1. hvactec
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    hvactec VIP Member

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    Even In Death

    As in life, so in death. Reuters reports that "U.S. regulators are unhappy with the failure of MF Global Holdings Ltd to provide them with the required data and records, a source close to one regulator told Reuters on Monday. "So far they've been very disappointed with the cooperation in the fulsomeness of records and data from MF," the source said, noting regulators have been working with the firm since late last week.

    "They were supposed to be able to show us their books and they're supposed to be able to tell us what's what and where their customer funds are and how they've been segregated and protected and to date we don't have the information that we should have," the individual told Reuters." Seriously, as Erin Burnett would say, you are already bankrupt. Just how much worse is it if you even in death you still are hiding secrets? And at this point it should be obvious to everyone: whatever MF is hiding is not something that will hurt it or much less its stakeholders for which the management team obviously never cared one iota.

    After all the company is already dead. Whatever is on its books has huge impacts to those either behind the corporate veil, read Mr. Corzine, who may or may not have regulatory issues arising from 10(b)-5 "concerns", or more probably, to other banks and Primary Dealers. And with even one simple affidavit still to be filed in Bankruptcy Court, the panic behind the scene is palpable.

    read more Panic Behind The MF Scenes As Company Refuses To Disclose Information To Regulators Even In Death | ZeroHedge
     
    Last edited: Oct 31, 2011
  2. conner700
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    conner700 Member

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    MF Global downfall is a huge concern to investors. The company took their clients money and put into the company accounts and spent it and lost it. Which is illegal. The seperation of clients money from the company funds is fundemental to the market and its ethics.

    Where were the regulators? How was the company allowed to operate so long without oversight?
    Was the fact that the CEO was the Ex Govenor of NJ enough reason for regulators to turn a blind eye to the companies illegal operations? Will the CEO face criminal charges? Where did all the clients money go? If MF Global can get away with stealing clients money who is going to stop other brokers from doing the same?
     

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