Jon Corzine, former Democratic senator and then governor of New Jersey, personally directed the theft of $200 million to cover MF Global’s debts:
Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in a brokerage account with JPMorgan Chase & Co. (JPM), according to a memo written by congressional investigators.
Edith O’Brien, a treasurer for the firm, said in an e-mail quoted in the memo that the transfer was “Per JC’s direct instructions,” according to a copy of the memo obtained by Bloomberg News. The e-mail, dated Oct. 28, was sent three days before the company collapsed, the memo says.
That explains $200 million of the missing $1.2 billion. Meanwhile, when last we heard, Corzine is still fundraising for Barack Obama.
(Via Jammie Wearing Fools.)