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MF Global Officials To Say They Do Not Know Where Firm’s Money Is

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By Douglas A. McIntyre Published
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Parroting what former MF Global CEO John Corzine said in his testimony before Congress, MF Global Chief Operating Officer Bradley Abelow and Chief Financial Officer Henri Steenkamp will each say they do not know what happened to $1 billion fo the firm’s money. There have been accusations that MF Global commingled customer accounts and the firm’s trading accounts.

“I unfortunately have limited knowledge of the specific movement of funds at the U.S. broker-dealer subsidiary, MF Global Inc, during the last two or three hectic business days prior to the bankruptcy filing,”, the CFO will say according to Reuters.

The news agency also reports that “I am deeply troubled by the fact that customer funds are missing, and I can assure you that I share your interest, and the public’s interest, in finding out exactly what happened,” the COO will say.

Many of the top executives at the firm face potential charges for the use of customer funds.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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