Tokyo Based Hedge Fund AIJ May Have Lost/Stolen All Customer Pension Fund Money…(MF Global-San!)
JESSE’S CAFÉ AMÉRICAIN
26 FEBRUARY 2012
Some of my friends in Japan are keeping an eye on this one for me, and I thank them for their help. I never learned to read Japanese beyond memorizing subway stations and street signs and the like, in addition to the usual polite conversational ability which has badly faded with the years.
The problem I have is finding good articles in English. The Japanese Shimbuns are also notoriously circumspect and polite, even when it comes to institutional fraud and the loss of pensioners money.
While they keep talking about ‘lost money’ and ‘hiding losses’ it looks more like embezzlement on the surface for at least part of the funds. It appears that virtually all the customer money has ‘vanished.’
It will be interesting to see which European bank received the customer money once it hit Hong Kong via the Cayman Islands. It is not a good sign for customers that a European or American bank was involved. That smells more like theft than loss.