The MF Global Heist
by Cathy Cuthbert
To: James W. Giddens, Trustee, SIPA Liquidation of MF Global, Inc. and Martin Glenn, United States Bankruptcy Judge
From: Cathy Cuthbert
RE: MF Global Heist
I am a lucky, former MF Global client. Unfortunately, I’m not a multi-billionaire who got the memo. I had a modest account that was supplying me with a modest livelihood, when suddenly one Monday afternoon, my account was frozen, my livelihood was essentially gone and four years worth of trading profits vanished into cyber space. You might be interested to know that sitting on my desk as I write is an application for a part-time, seasonal position stocking shelves at the local Rite-Aid. Then again, maybe not…
Let’s try a thought experiment. Suppose I worked at a little bank in Anywhere, USA and it just so happened that I had a few peccadilloes I needed to clean up. So I borrowed just a tad of money from a few clients’ accounts without it showing on their statements or anything – don’t want to alarm the little tykes – intending all along to of course return the money ‘cause ya know, I’m good for it, but somehow I just couldn’t come up with the bucks fast enough and somebody found out. Do you suppose I could just resign, go home and suck a sore paw while someone else looked high and low, under my desk, in my filing cabinet, maybe pieced together my shredded docs hoping to find out where, oh where the money went?
Don’t be ridiculous. Not only would I immediately be tased, hand cuffed and thrown into the slammer, hard evidence or no, but the money would be very quickly found since there is not one thin dime that passes between accounts in all of the entire USA that isn’t thoroughly and incessantly tracked anywhere and everywhere it goes. Not one thin dime. You fellas know it, I know it, but worse for you, the whole world knows it and I don’t have to tell you they are all watching.