© 2021 KALW
KALW Public Media / 91.7 FM Bay Area
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

MF Global Can't Find $1.2 Billion Of Clients' Money

STEVE INSKEEP, HOST:

NPR's business news starts with a missing billion dollars.

(SOUNDBITE OF MUSIC)

INSKEEP: Or maybe a bit more: $1.2 billion, to be exact. That's how much appears to be missing from the accounts of clients who invested with MF Global. MF Global is the securities firm run by Wall Street veteran and former New Jersey Governor Jon Corzine. The firm filed for bankruptcy protection last month after making bad bets on European government bonds. A trustee was appointed to wind down the company, and yesterday gave that estimate of how much client money he was unable to locate: $1.2 billion. That is double the previous estimate, so investors are wondering how much money they'll ever get back. Regulators are also looking into whether MF Global improperly used client funds for its own purposes. Transcript provided by NPR, Copyright NPR.