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MF Global Can't Find $1.2 Billion Of Clients' Money

Nov 22, 2011
Originally published on November 22, 2011 7:53 am
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STEVE INSKEEP, HOST:

NPR's business news starts with a missing billion dollars.

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INSKEEP: Or maybe a bit more: $1.2 billion, to be exact. That's how much appears to be missing from the accounts of clients who invested with MF Global. MF Global is the securities firm run by Wall Street veteran and former New Jersey Governor Jon Corzine. The firm filed for bankruptcy protection last month after making bad bets on European government bonds. A trustee was appointed to wind down the company, and yesterday gave that estimate of how much client money he was unable to locate: $1.2 billion. That is double the previous estimate, so investors are wondering how much money they'll ever get back. Regulators are also looking into whether MF Global improperly used client funds for its own purposes. Transcript provided by NPR, Copyright NPR.