Wednesday, January 11, 2012

Farmers Sue Jon Corzine Over Missing Millions

Notice that this class action suit is not against MF Global or the CME, but against THE MAN Jon Corzine.  With his own money on the line, will Corzine squeal about the whereabouts of the MF Gobal clients' rehypothecated funds?

Montana farmers have filed a class action suit against former New Jersey governor Jon Corzine, charging that the failed financial firm run by Corzine stole millions from their accounts to pay off its spiraling debts, and that Corzine's "single-minded obsession" with making MF Global a big player on Wall Street led to the firm's collapse.
MF Global's clients included 38,000 wheat farmers, cattle ranchers and others who "hedged" their crop prices by placing millions in MF Global accounts. Those accounts were supposed to be "segregated and secure," according to the federal suit, meaning MF Global could not draw on those funds.
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