MF’s Missing Money Makes You Wonder About Goldman: Jonathan Weil
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Nov. 25 (Bloomberg) -- Six months ago the accounting firmPricewaterhouseCoopers LLP said MF Global Holdings Ltd. and itsunits “maintained, in all material respects, effective internalcontrol over financial reporting as of March 31, 2011.” A lotof people who relied on that opinion lost a ton of money.
MF Global filed for bankruptcy on Oct. 31. This week thetrustee for the liquidation of its U.S. brokerage unit said asmuch as $1.2 billion of customer money is missing, maybe more.Those deposits should have been kept segregated from thecompany’s funds. By all indications, they weren’t.