In this great MF Global collapse,
That there aren't any 'collars',
Despite all the dollars
Misplaced by those capable chaps."
Francine McKenna, a former Price Waterhouse Coopers auditor who writes on auditing issues for Forbes as well as her blog "Re: The Auditors", says that it's remarkable that the investigation of the missing $1.2 billion in MF Global customer funds is not leading to any arrests, and those involved have not opted for an escape to Switzerland. Could this be a case of "plausible deniability" on the part of top management? Managers at the bankrupt company moved a lot of money around on Hallowe'en, evidently in an attempt to make it through the weekend, probably in the hope that a friendly takeover would allow its return. Instead, the firm was shut down, but without any paper trail linking top management to the missing customer funds.
Hat tip to Jesse's Café Américain.
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