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November 25, 2022

MF Global CFO Was Too Busy Trying to Save the Company to Be Bothered with Things Like Illegal Transfers of Customer Funds

Henri Steenkamp will not be going down for this:

MF Global Holdings Ltd. […] Chief Financial Officer Henri Steenkamp plans to tell a House panel he had "limited knowledge" of money transfers during the securities firm's final days that led to an estimated $1.6 billion shortfall in customer funds. Mr. Steenkamp was "taken up with other very serious matters," including trying to negotiate a last-ditch sale of the New York company, while funds moved and a deficit in customer funds developed, he said in prepared testimony for a hearing Wednesday being held by the House Financial Services Oversight and Investigations subcommittee. 
Plus, dipping into customer funds isn't really in his job description:
He added: "As a general matter, I was not involved with the details of segregated funds in the course of my duties as global CFO, nor with the complex segregation calculations performed by [MF Global Holdings Inc.] in Chicago and reported to regulators on a regular basis."
Back to you, Jon.
 

 

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