Big news for all the Michigan residents whose money was “lost” when the company went belly up. It’s been discovered MF Global effectively stole your money.
U.S. investigating authorities have traced more than 90 percent of the customer money which disappeared from MF Global around the time of its bankruptcy, the New York Times reported, citing people briefed on the investigation.
The Commodity Futures Trading Commission, the regulator leading the investigation, traced nearly all the money to banks, MF Global’s trading partners and the firm’s securities customers. The Commission, however, is unsure whether the money can be retrieved, the paper said.
Also unsure if they can actually arrest big time white collar thieves who took your money, ordinary investors. If you steal a large enough amount of money, apparently you’re above the law. Meanwhile, somewhere in the neighborhood of 5,000 ordinary Americans, who are protesting this sort of thievery, have been brutally arrested for peacefully protesting. What a system. [Via Atrios]