Corrente

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MFGlobal customer money "vaporized"?!

WSJ:

Federal officials looking for an estimated $1.2 billion missing from customers of MF Global Holdings Ltd. feel more and more that a lot of it may never be located, according to a report citing sources familiar with the probe.

What's been learned so far suggests that a good deal of the money may have “vaporized” because of scrambling in trading in the week before MF Global filed for bankruptcy protection Oct. 31, the Wall Street Journal reported, citing “a person close to the investigation.”

Wowsers.

Confidence builder!

NOTE Why isn't Jon Corzine in jail?

UPDATE As commenter Noble Joanie points out:

It's not like this was paper money that got burnt up or otherwise destroyed leaving no trace behind. This is electronic, the trace remains, we could find where it went and if we really wanted, retrieve it.