LOOKING FOR A LOST SIX HUNDRED MILLION DOLLARS.
LOOKING FOR A LOST SIX HUNDRED MILLION DOLLARS. I posted a number of times, for example, here, on how long it took, after Lehman filed for bankruptcy, to find out what Lehman owned. Also astonishing is the difficulty that MF Global is having in locating the money in its customer accounts. There have been a series of articles reporting on the problem. The failure to find a missing amount in the neighborhood of six hundred million dollars is especially astonishing because MF Global was desperately looking for it during the weekend before it filed for bankruptcy. Apparently, not being able to find it prevented MF Global from entering into a deal to stave off bankruptcy. Thee were reports on Friday, four days after the bankruptcy filing, that there was an MF Global account with some six hundred million dollars in it at JPMorgan, but the Wall Street Journal today (November 7) says that “The cause of the missing money remains uncertain.”