Tuesday, December 13, 2011

Suck. On. It.

The way the carcass of MF Global, led by Louis Freeh, is going to deal with the people it stole from should be a warning to everyone. Your money is not safe with these firms.

Dec. 12 (Bloomberg) -- MF Global Holdings Ltd.’s $25.3 million in cash held at JPMorgan Chase & Co. is presumed to be its own, the bankrupt company’s Chapter 11 trustee said in response to customer objections to its bid to use the money.

MF Global Holdings should be allowed to use the cash collateral of JPMorgan, trustee Louis J. Freeh said in papers filed today in U.S. Bankruptcy Court in Manhattan. Customers of the company’s failed brokerage, MF Global Inc., had asserted that the money may have been part of the $1.2 billion believed to be missing from their segregated accounts.

“The customers have failed to provide this court with any actual evidence in support of their position,” Freeh said in court papers. MF Global Holdings owns the New York-based bank account with JPMorgan, and under New York law, it is presumed that funds deposited in an account belong to the account holder, the trustee said.

So they stole a bunch of money, but another pot of money can't possibly be customer money, so suck on it customers.