Nov. 25 (Bloomberg) -- Six months ago the accounting firm
PricewaterhouseCoopers LLP said MF Global Holdings Ltd. and its
units “maintained, in all material respects, effective internal
control over financial reporting as of March 31, 2011.” A lot
of people who relied on that opinion lost a ton of money.
MF Global filed for bankruptcy on Oct. 31. This week the
trustee for the liquidation of its U.S. brokerage unit said as
much as $1.2 billion of customer money is missing, maybe more.
Those deposits should have been kept segregated from the
company’s funds. By all indications, they weren’t.
