JP Morgan denies having MF Global's customers' money
An MF Global sign is seen in the office building where MF Global Holdings Ltd have offices in Manhattan on November 1, 2011 in New York City. The brokerage firm, run by former New Jersey governor and Goldman Sachs boss Jon Corzine, has filed for bankruptcy in another developing financial scandal.
This final note today, which will do nothing to ease the average person's discomfort with how Wall Street operates.
Remember the other day we told you about how federal regulators think MF Global -- the now-defunct brokerage house -- had co-mingled customers money with company money, mostly 'cause investigators couldn't find hundreds of millions of dollars in customers' money?
Well now MF Global said it thinks it knows where the money is. In an account at JP Morgan. All $659 million of it.
JP Morgan says nuh-uh, we don't have it.