I listen to Ric every morning here in New York before I go to church. He’s a financial planner who wrote The Lies about Money. He said the following:
MF Global has been using client money for their own proprietary account and 600 million dollars is missing.
What that means is this, let’s say you have a brokerage account with Company A and you use it to buy stocks, bonds, ETFs or other kinds of investment instruments. Company A also has their own account in which they do the same thing for the company. That said, Company A is not supposed to use money form client accounts for their own trading.
But, MF Global, headed by former NJ Democrat Gov John Corzine appears to have used client money and now 600 million is missing and MF Global is going bankrupt.
Where the money, John?
Edelman says nothing like this has ever happened in the history of Wall Street!
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