Wanna Get Away With Stealing $1.2 Billion? Be A Well Connected Dem And Obama Bundler

No criminal charges are expected to be filed in the investigation of the meltdown of brokerage firm MF Global and the disappearance of about $1.2 billion in client funds, run by Democrat New Jersey ex-senator and ex-governor Jon Corzine:

A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives.

After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.{...}

In the most telling indication yet that the MF Global investigation is winding down, federal authorities are seeking to interview the former chief of the firm, Jon S. Corzine, next month, according to the people involved in the case. Authorities hope that Mr. Corzine, who is expected to accept the invitation, will shed light on the actions of other employees at MF Global.

Those developments indicate that federal prosecutors do not expect to file criminal charges against the former New Jersey governor. Mr. Corzine has not yet received assurances that he is free from scrutiny, but two rounds of interviews with former employees and a review of thousands of documents have left prosecutors without a case against him, say the people involved in the investigation who spoke on the condition of anonymity.

Corzine's explanation for the missing money? Essentially, 'Heck I dunno what happened to it. Gotta be somewhere I guess.'

As if $1.2 bil was a bookeeping or rounding error! And remember, these weren't funds lost in bad investments, these were funds on the books as client funds in trust.

Of course, there are more than a few experts who know exactly where the stink is and how Corzine could be prosecuted, if the feds wanted to:

After speaking with CCC lawyer James Koutoulas, and other pro traders I have no doubt that money was stolen from customer segregated funds. There is just too much smoking gun evidence. Anyone with experience in the industry would be able to sift through the legal machinations and malarky to understand the deception involved. If this were adjudicated in an Arbitration or Probable Cause Committee at an exchange, I am relatively confident that Corzine would be found guilty based on the circumstantial facts that I know.


But that could get embarrassing, since Corzine is also an integral part of the Obama campaign:

According the Barack Obama's 2012 campaign website, Jon Corzine of Hoboken, New Jersey raised at least $500,000 for the president's reelection effort.

Corzine, of course, has most recently been in the news for being on the wrong side of a $6.3 billion bet as head of MF Global. "MF Global filed for bankruptcy on October 31, after $6.3 billion in risky bets on European sovereign debt spooked investors and an effort to sell the company failed," Reuters reported. "Investigators are searching for as much as $1.2 billion in missing customer money, which regulators said the company may have diverted for its own needs."

Later, Corzine admitted he could not account for the $1.2 billion

Anyone want to bet that the Obama Justice Department isn't exactly leaning too hard on this one?

And what do you think the odds are that, Chicago style, part of the swag might just have found its way upstairs to sort of ensure a middling attempt at prosecuting Corzine?

It helps to be well connected in these matters with the right people.