Last year, MF Global, Jon Corzine 's brokerage house firm, collapsed with a smoldering number once making bad bets on European bonds. As the business unraveled, virtually $600 million involving their customers' money vanished. A month later, soon after your feverish search, investigators determined $200 million involving the item relaxing with London, of most of places, about JPMorgan Chase's books.
How the item got right now there was, then, a mystery. Today, Bloomberg unveils that will then-CEO Jon Corzine explicitly ordered the actual shift in the expectation regarding squaring aside an overdrawn JPMorgan account. According to be able to a strong October 28 memo directed simply by Edith O'Brien, a treasurer for the firm, the bucks has been transferred "per JC's direct instructions." Three days and nights later, the provider collapsed.
O'Brien's mail has become with the particular hands connected with congressional investigators. When Corzine testified just before Congress with December 8th, this individual claimed they had very little strategy where the $200 million had gone. I could not teach anyone for you to provide loans shopper funds to be able to anyone, he insisted.
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