Monday, November 21, 2011

MF Global Trustee: MF Global Client Theft May Be More Than Double Previous Estimate, Above $1.2 BILLION

Apparently Jim Willie knew last week what the MF Global trustee only discovered today (or at least admitted today)

James Giddens, the MF Global trustee appointed by The Morgue, has reportedly stated that the MF Global client asset theft may be more than double previous estimates at over $1.2 BILLION!

For those with memory lapses, here is Jim Willie's comments from last Wednesday:

Witness the middle stage of the collapse of the COMEX, which has lost all trust as segregated client cash accounts vanished in a vast ongoing commingling campaign. One must conclude that JPMorgan must have really needed the money. The thought of a Madoff Redux comes to mind to the alert but weary. The MF Global vanished funds will eventually be measured over $3 billion. The actual Madoff pilfered funds totaled $150 billion, triple the more palatable figure often quoted. The locations of the missing funds have commonality, the ruling untouchable syndicate. Gold smells the destruction of the monetary and banking systems, aggravated by Western recession.

Reuters reports Giddens as now stating:

"The trustee believes that even if he recovers everything that is at U.S. depositories, the apparent shortfall in what MF Global management should have segregated at U.S. depositories may be as much as $1.2 billion or more,"