Failing to understand that after being involved in a so-called investigation for over 3 months, the standard response is supposed to be “You’ve got questions, we’ve got answers,” we receive this classic Chiltonian rhetoric. Blaming the lack of information on the messy nature of bankruptcies (which in reality are not “messy” at all, but rather quite organized) the man we are paying to give us answers to our questions, is being allowed to give us questions to our questions. I guess there is always a job being one of the proverbial “clean up crew.”
“The question now is what sort of job can the clean up crews do to get customers their money back and to fully punish those that may have broken the law.” Bart Chilton of the Commodity Futures Trading Commission wrote in an e-mail statement about the inherently messy MF Global bankruptcy.
Why is it so messy and why can’t they find answers to the questions? It’s simple, the computers couldn’t keep up. You know, those huge state-of-the-art Tandy TRS-80 Computers from Radio Shack that they used at MFGlobal, couldn’t handle the massive load of transactions. Please allow the court-appointed bankruptcy trustee for the broker-dealer unit, Charles Giddens, to explain.
He said MF Global “personnel may not have been immediately aware of” a developing shortfall in customer segregated funds during the final week of October. He also said the company’s computers “had difficulty keeping up with the unprecedented volume of transactions” and some “transactions were recorded erroneously or not at all.”
Reuters reports again on how 3 months is not long enough to have a cleanup crew do their job, but it is long enough for the trail to go cold eliminating the possiblity of criminal prosecutions. What is this a prison break where you have bloodhounds chasing Tony Curtis and Sidney Poitier across a river or something?: http://www.reuters.com/article/2012/02/09/us-mfglobal-idUSTRE8181UB20120209
If you’ve got questions about the work that is being done by the folks over at the CFTC, then Dave’s Got Answers.