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Corzine Apparently Ordered Raids on Customer Funds

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Image from a quicklink After Jon Corzine's strenuous denial that he had any knowledge of M.F. Global managers raiding customer funds to pay overdrafts, along comes an internal memo that said he didn't just know of the practice, he ordered it.

Bloomberg News had the scoop Friday in the form of an email from an M.F. Global executive that said the controversial $200 million transfer came "Per JC's direct instructions." M.F. Global was trying to stave off financial collapse, and in doing so it appears to have dipped into client funds to pay off a $200 million debt on one of the firm's accounts at J.P. Morgan Chase in London. This much we knew, but Corzine...

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At www.theatlanticwire.com

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