I saw a flash across the Bloomberg that said the MF Global trustee is thinking that roughly $1.2 in customer funds is "missing." I know that fund accounting is very complex and I'm sure that some of the money will turn up in a margin account, but at what monetary point do people(Corzine) goto jail? Is there a hard and fast rule that identifies the difference between say Madoff who blatantly stole money and this situation?
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If Corzine doesn't do a perp walk the CFTC and SEC should be disbanded.
I'm actually going to cover the mechanics of the IB-FCM relationship in a post later this week. If it turns out that the FCM actually stole customer deposits, the repercussions on the entire market could be severe.
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