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Regulators/Corzine On A "Coffee Break"?

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Mike

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MF Global Trustee Says Shortfall Could Exceed $1.2 Billion

By MICHAEL J. DE LA MERCED and BEN PROTESS


David Goldman for The New York Times Jon S. Corzine (Dem) on the trading floor of MF Global last year.

The amount of customer money missing from the collapsed trading firm MF Global may be more than $1.2 billion — double previous estimates — the trustee dismantling the firm’s brokerage unit said on Monday.

But the surprise finding, which caught regulators off guard, may be overstated, according to a person briefed on the investigation. Some regulators say they believe that the trustee double-counted $220 million that had been transferred between units of MF Global, this person said.

Still, the much higher number highlights the disarray of MF Global’s records and raises significantly the hurdle for tens of thousands of customers seeking to get their money back. The trustee’s estimate represents a significant portion of customer funds held by MF Global.

Regulators suspect that as investors and customers fled MF Global in the last week of October, the firm used some of the customer money for its own needs — violating Wall Street rules that customers’ money be kept separate from the firm’s funds. Much of that money may never return.



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Related Links

•The trustee's statement
•MF Global Is Said to Have Used Customer Cash Improperly (Nov. 17)
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Now the challenge has grown for investigators trying to determine exactly what happened in those last frantic days. Just days ago, investigators believed that they were closing in on what they thought was about $600 million in missing customer funds, according to people briefed on the matter. Regulators were relying on estimates from the firm and the CME Group, the exchange where MF Global did most of its business.
 

Steve

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the state of New Jersey is still finding Corzine era payoffs..

like the suits of the suits program..



New Jersey spends $4.8 million on clothing allowances for its white-collar employees

The clothing allowances paid to state employees were detailed in a report issued by state Comptroller Matthew Boxer on Wednesday morning, and later criticized by Governor Christie and lawmakers from both parties.

Boxer found that nearly 50 percent of the white-collar state employees who are receiving a $700 annual clothing allowance are not wearing uniforms or any other type of specialized clothing on the job.

“The state spends millions of dollars every year to cover the cost of uniforms for state employees who don’t actually wear uniforms,” Boxer said. “It’s absurd.”

The report detailing overspending on uniforms was released as lawmakers are reviewing a new state budget

In all, New Jersey is spending $22.2 million on clothing allowances for uniformed state employees, including $8 million to public safety and corrections officers, $6 million to health services workers and $2.6 million to security, maintenance and other employees with similar titles, Boxer found.

Another $4.8 million is going to so-called white-collar employees who hold office or professional titles

Only California’s $450 clothing allowance comes close to New Jersey’s $700 allowance, with many others paying between $58 and $175, the comptroller found. And unlike other states, New Jersey does not require the employee to submit a receipt to verify clothing purchases.

under Corzines watch and contract negotiations the suit allowance went from $500 to $700,.. Christie is asking for a slight reduction to ZERO!

I guess this is what happens when you are in bed with the union.. but then that is an all together different Corzine scandal :shock: :eek:
 

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