MF Global

[parsley]

http://abcnews.go.com/Blotter/farmers-sue-jon-
corzine-missing-millions/t/story?id=15321298

[bduke]

Parsley... Interesting, but not surprising, that the Montana farmers are suing Corzine
and not MF Global.

Obviously because it is reported that John Corzine was worth 100 million in 2010, and
MF Global is bankrupt.

For those who prefer executive summaries, the article states MF Global clients
included 38000 farmers.

Class action claims Corzine is responsible because he was the CEO of MF Global.

Corzine has insisted he did not authorize illegal activities.

My take... If Corzine is found legally culpable his assets will be a small portion of MF
Global's unfound money and liabilities.

However, I think he undeserving to benefit from his mismanagement and it should
cost him his wealth.

Cheers... Bill

[bduke]

Further to above.... the Billings Gazette states the farmer's action includes Price
Waterhouse Coopers and J P Morgan for enabling trading practices which cost the
farmers.

Quote from Marty Klinker of Fairfield Montana...

"They bet the farm on European sovereign debt. I just didn't realize it was my farm
they were betting"!

I wonder if hypothecation regulations will be amended?

This mess could eventually determine the security value of customer accounts,
which the banks were hypothecating.... for both customers and the firms.

Cheers... Bill

[parsley]

USA Class action by farmers is in full bloom in the
media circus today along with farmers-outrage.