Why it was just a few days ago the feds were saying a mere $600 million had vanished out of supposedly safe MF Global customer accounts. Apparently the feds are no longer capable of counting, as the amount is now estimated at $3 billion. Worse, the trustee says former customers will now get a mere 60% of their holdings, with no explantion about the other 40%. Much of the holdings in accounts are still frozen because the trustee and feds have no idea where it is.
Two words. organized crime. That’s what happened. Money in private accounts simply vanished and no one has a clue? There will be farmers who get wiped out because of this because they won’t be able to sell forward their crops or hedge.
This is an obscenity.