January 30, 2012
Are you kidding me?
MF Global Funds Feared "Vaporized" WSJ 1/30/2012 (subscription req'd).
What does that even mean? Vaporized!? Was there some type of chemical experiment conducted with MF Global's clients' money? I bet the clients never authorized that experiment. This story line would actually be funny if it wasn't so insulting and sad.
Here is what happened, so we can all understand this very technical financial vernacular: MF Global took money it was not authorized to take, made investments it was not authorized to make and lost the money on those investments. The money was not vaporized - it was lost, plain and simple. The only thing I do not understand is how Jon Corzine is not in jail.
(For those without a WSJ subscription, articles covering the same topic may be found
Doug Hendee, CFP(R)
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