Following the saga of missing client at MF Global has been a thankless task. For months nothing appeared in the popular media or the blogosphere. Now at last it look as if
a House Financial Services subcommittee, not the Commodity Futures Trading Commission, not the do nothing corrupt DOJ has located an email that shows customer fund were used to cover an overdraft as per instructions from the Honorable Jon S. Corzine.
Edith O'Brien, an assistant treasurer who was among the employees involved in moving money at MF Global, wrote in the email that the $200 million transfer to an MF Global account at J.P. Morgan Chase. The subcommittee claims there is a chain of emails among Corzine, O'Brien, and
Laurie Ferber, the firm's chief legal counsel. Ms. O'Brien has been subpoenaed and plans to invoke her constitutional rights against self-incrimination, according to people familiar with the matter.
It's nice to see all this come to light but evidently it has been an open secret to those close to the case that J.P. Morgan had at least part of the money. The gentleman in the video below with the Buddy Holly glasses is James Koutoulas and if there are any heroes in this he is one. He is a hedge fund manager who hates lawyers so much he studied law so he could do his own legal work. Now he does pro bono work for investors whose money was taken from their accounts and pocketed by J. P. Morgan who knows full well the money rightfully belongs to MF Global's customers.
If ever a case called out for a special prosecutor this is that case. Not only is Corzine joined at the hip to the Obama administration but the Securities Exchange Commission falsified a time stamp on MF Global Annual Audited Report which blogged about in a post, Comparing MF Global to Watergate.
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