MF Global chief missing $1.2B is financial adviser to EPA. Farmers Sue Jon Corzine Over Missing Millions. <br/><a href=" US News</a> | <a href=" Business News</a> Copy 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. The lawsuit, filed on behalf of all 38,000 customers, alleges that when MF Global made a series of bad investments -- notably in European debt -- it began "siphoning funds withdrawn from segregated client accounts" to cover its debts. MF Global Customers will not receive their money/Greek decision by Monday/ SLV shorts cover 17% of their shortfall/ Moody's downgrades big Insurance companies in Italy/ Good evening Ladies and Gentlemen: We again started our day with another of those famous raid days.Even though Europe was down badly, the USA markets opened strongly on more juicing of figures.
The precious metals traded up with the algo players as gold ended the day at $1727.60 up $1.00 by comex closing time. Silver finished the day at $33.47 up 8 cents. The attempted raid today was orchestrated for two reasons: 1. the rise in OI in silver with its accompanied silver deliveries 2. the rise in OI in gold. The bankers allowed the Dow to rejoice with their fudged figures and so they let gold and silver rise with the general markets.
Let us head over to the comex and assess trading. The total gold comex OI rose by a rather large 7010 contracts from 431,164 to 438,174. The total silver comex continues to baffle our bankers. Now let us begin with February inventory movements in Gold February 16.2012 : We had very little activity in the gold vaults today. The fun begins in the adjustments: end 1. U.S. Inquiry of MF Global Gains Speed. Alex Brandon/Associated PressLouis Freeh is overseeing MF Global’s bankruptcy case. The investigation into MF Global is intensifying as federal authorities unearth new details and confront potential obstacles in their hunt for roughly $1.2 billion in customer money that disappeared from the brokerage firm. While prosecutors and regulators have jointly conducted dozens of depositions with former and current employees, a senior official in the Chicago office of MF Global recently declined to meet with the federal authorities, people briefed on the investigation said.
That official, Edith O’Brien, a treasurer at MF Global, is considered a “person of interest” in the investigation, the people said. Federal authorities suspect that she transferred about $200 million to JPMorgan Chase in London on the eve of the bankruptcy of MF Global, money that turned out to be customer cash. Authorities had expected to interview Ms. O’Brien last month. The request by Ms. Ms. While Ms. Louis J. Mr. Mr. Ms. MF Global unloaded hundreds of millions of dollars' worth of securities to Goldman Sachs in the days leading up to its collapse - Corzine, who was CEO of MF Global at the time of the collapse, headed Goldman Sachs from 1994 to 1999 : Economics.