SP 500 and NDX Futures Daily Charts - MF Global Admits Taking Customer Funds

Tough down day on the US equity markets.

I have a hunch that the Wall Street crew will circle the wagons, and that MF Global will suddenly 'find' the 700 million or so in customer funds in some misplaced account.

One after another, all will be led down an alley and strangled, for the sake of systemic corruption, starting with the truth.

MF Global Admits Misappropriating (Taking) Customers' Money For Their Own Purposes (Gambling)

Who do they think they are, the NY Fed?

AP
MF Global says it used clients' money
Tue Nov 1, 2011 2:42pm EDT

Nov 1 (Reuters) - MF Global Holdings Ltd ., the futures broker that filed for bankruptcy protection on Monday, has admitted to using its clients' money as its financial troubles mounted, AP reported, citing a U.S. official.

An MF Global executive made the admission to federal regulators in a phone call early Monday, AP reported.

MF Global did not keep its customers' money separate from its own, CME Group CEO Craig Donohue said on Tuesday.

Six Things No One Will Tell You About MF Global

Are Clients of MF Global Insured Against Fraud?

Nope, Just Another Small Fry...

Net Asset Value of Certain Precious Metal Trusts and Funds

I would like to know the details of how Sprott Silver is managing its cash, and whether it holds any units of the fund back for occasional cash sales.

Regulators Searching MF Global for Millions in Missing Customer Funds

Do you know where your account funds or assets owned through ETFs really are?  Do the regulators and overseers of the markets?  Do they care, or just look the other way?

NYT Dealbook
Regulators Investigating MF Global
By BEN PROTESS, MICHAEL J. DE LA MERCED and SUSANNE CRAIG

Federal regulators have discovered that hundreds of millions of dollars in customer money have gone missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter.

The revelation of the missing money scuttled an 11th hour deal for MF Global to sell a major part of itself to a rival brokerage firm. MF Global, the powerhouse commodities brokerage run by Jon S. Corzine, had staked its survival on completing the deal.

Now, the investigation threatens to tarnish the reputation of Mr. Corzine, the former New Jersey Governor and Goldman Sachs chief who oversaw MF Global’s demise, making it the first American victim of Europe’s debt crisis.

What began as nearly $1 billion missing had dropped to less than $700 million by late Monday. It is unclear where the money went, and some money is expected to trickle in over the coming days as the firm sorts through the bankruptcy process, the people said....

Read the rest of the story here.

Kleptocracy, "rule by thieves" is a form of political and government corruption where the government exists to increase the personal wealth and political power of its officials and the ruling class at the expense of the wider population, often without pretense of honest service.

No outside oversight is possible, due to the ability of the kleptocrats to personally control both the supply of public funds and the means of determining their disbursal.