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MF Global Trustee: Company Shortfall Could Be Double Original Estimate

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By Doug Powers  •  November 21, 2011 02:32 PM

**Written by Doug Powers

After MF Global declared bankruptcy, it was reported that the company’s shortfall could be in the $600-$700 million range.

Now it’s looking like the shortfall could be double that:

The court-appointed trustee overseeing the liquidation of MF Global’s brokerage now estimates that the shortfall in the firm’s customer funds could be more than $1.2 billion, double previous estimates.

The trustee, James W. Giddens, said in a statement on Monday that his office was continuing to search for the missing funds, in conjunction with regulators and the Justice Department. He added that the numbers were preliminary and could change.

Mr. Giddens’s office did not elaborate on what might have happened to the money, though investigators have been focusing on the possibility that MF Global improperly used customer money to cover trading losses in the days before its bankruptcy filing.

Has the White House stopped calling Corzine for economic advice yet?

**Written by Doug Powers

Twitter @ThePowersThatBe

Posted in: Corruption,Politics

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