Corzine: 'I Simply Do Not Know Where The Money Is' [WSJ]
Much of the day's testimony is likely to focus on a significant shortfall in customer funds at MF Global. As Mr. Corzine scrambled to stabilize the firm in its last days, it was discovered that hundreds of millions of dollars were missing in customer accounts. The trustee overseeing MF Global's liquidation estimates the amount at $1.2 billion. Mr. Corzine will say in his testimony that he had little to do with the mechanics of moving customer cash and collateral and that he was "stunned" when he learned on Oct. 30 that the money was missing. "I simply do not know where the money is," he will say, noting that "there were an extraordinary number of transactions during MF Global's last few days."
E&Y sets up external panel to probe Olympus audit [Reuters]
Ernst & Young ShinNihon LLC said it has conducted an internal review of its Olympus audit and believes there were no problems, but decided to seek an external opinion given the scale of attention on the scandal. "The impact of this incident on society has been large. It is a problem we are taking very seriously," Kaoru Kashima, an executive board member at Ernst & Young ShinNihon, told reporters on Thursday.
Ex-Marvell Accountant Ng Pleads Guilty in Insider Probe [BBW]
Stanley Ng, a former Marvell Technology Group Ltd. accountant, pleaded guilty to participating in an insider-trading scheme involving so-called expert networking firms. Ng, who was charged in a nationwide crackdown on insider trading, pleaded guilty today to a single count of conspiracy to commit securities fraud and wire fraud before U.S. District Judge Jed Rakoff in Manhattan.
Auditors barred for life over Satyam scandal [Accountancy Age]
Val Kilmer 'Top Gun' again with IRS, state [Tax Watchdog]
Ice Man owes $566k to the Feds and California.
World's oldest dog dies in Japan at 26 [LAT]
