Remember the commercials in 2006 for Smith Barney with the iconic tag line, “We make money the old fashioned way…we earn it?” Well it seems one of the largest commodities brokers on Wall Street has found a new and vastly easier way to make money…they steal it.
MF Global Holdings, Ltd., a major commodities brokers broker, allegedly used a loophole to steal their customers money. When questioned yesterday at his congressional hearing, the ex CEO Mr. Jon Corzine simply testified, “I simply do not know where the money is.”
The money he is speaking of is the $1.2 billion that is currently missing from customer accounts. While the full story is beyond the scope of this blog I would highly recommend that you read a first hand account of the situation as written by my good friend Michael Russak. After you finish reading article, make sure you sign his petition.
Link to Michael’s article: “Locking The Barn Door”
Link To Michael’s petition: Segregate Customer Funds
We speak a lot about correcting the corruption in the debt collection industry. My friend Michael is looking to do the same in his industry as well…lets see if we can help him out.
Do Good and Make Money!