NPR logo

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

  • Download
  • <iframe src="https://www.npr.org/player/embed/142641740/142641727" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
MF Global Can't Find $1.2 Billion Of Clients' Money

Business

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

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

  • Download
  • <iframe src="https://www.npr.org/player/embed/142641740/142641727" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

MF Global is the securities firm run by Wall Street veteran and former New Jersey Gov. 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.

STEVE INSKEEP, HOST:

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

(SOUNDBITE OF MUSIC)

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.

Copyright © 2011 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

We no longer support commenting on NPR.org stories, but you can find us every day on Facebook, Twitter, email, and many other platforms. Learn more or contact us.