Lost then found $1.5bn at MF Global leaves people puzzled

Jon Corzine

Where was it ?

Scandal junkies may have been puzzled earlier this month when they learned that the 26,000 customers of Jon Corzine's MF Global, the infamous commodities firm that flamed out two years ago, leaving behind an unprecedented $1.5bn shortfall in supposedly sacrosanct customer accounts, will likely now be receiving a stunning 100 cents back on every dollar of their principal.

CNN Money reports that the accomplishment is an unambiguous coup for special trustee James W. Giddens, of New York law firm Hughes Hubbard & Reed, who took charge of the smoldering wreckage on Halloween Day 2011.

Giddens had never been expected to work such a miracle. But does the surprising asset recovery require a rewrite of the tale of alleged villainy that ushered Giddens onto the scene in the first place ?

Corzine, the CEO who presided over MF Global's demise, surely thinks so.

The recovery - approved by U.S. Bankruptcy Judge Martin Glenn, though it might yet be appealed - 'likely demonstrates that the segregated money never really was missing', says Corzine spokesperson Steven Goldberg of RLM Finsbury, 'nor was it misused as part of some conspiracy or intentional wrongdoing, as has long been insinuated'.

So where, exactly, was the $1.5bn all this time ?

To access the complete CNN Money article hit the link below:

How MF Global's 'missing' $1.5 billion was lost -- and found

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