MF Global is pretty much done for and the loss for those who put their money in for management is about $600,000,000. That might be light. Those who lost a bundle did so without their knowledge or permission. Jon and his friends appear to have dipped into personal accounts to cover some losses in the Corporate Trading Account. Ooops.
It appears that Jon was a busy boy prior to this - with some evidence of heavy handed lobbying to stall some regulations in progress so to keep that nasty government out of their business. The very concept that these Wall Street types can either be 1. self regulated or 2. trusted is pretty much out the window or should be.
Of note, is this little snippet floating around that notes MF Global stock has plummeted in the past three months. A price for a share of stock Aug. 1 was $7.38. Ten days later, the stock was $5.42. As of Nov. 3, MF Global stock was selling for $.28.
Hmmmmm. How would anyone know? How much information was passed around among "friends" that MF Global was going to tank? We remember of course that traders can make money when stocks go up or when they are betting that stocks go down. If one was smart, they bet the farm that MF would tank and made much more off the backs of common shareholders than Corzine lost in his wheeling and dealing.
Just thought you would want to know.