Thursday, November 17, 2011

Umm...I Bet Somebody Does

The question is who.
At the bankruptcy hearing Wednesday at a federal court in Lower Manhattan, there were more questions than answers. Judge Martin Glenn asked a lawyer for the trustee if he knew whether customer money had been mingled with company cash, a major violation of Wall Street rules and a potential explanation for the shortfall.

The trustee’s lawyer, James Kobak of Hughes Hubbard & Reed, replied: “I don’t think anybody knows the answer.”