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Tag Archives: mf global

MF Global Chief Who Oversaw Missing $1.2 Billion Also Top EPA Financial Adviser

The same man who oversaw MF Global’s $1.2 billion in missing funds, Bradley I. Abelow, is also currently listed on the Environmental Protection Agency’s website as the current chairman of the EPA’s Financial Advisory Board.

From the Washington Times:

During two days of recent congressional hearings into how as much as $1.2 billion disappeared from MF Global customer accounts, the chief operating officer of the imploding investment firm responded again and again that he did not know.

Yet as the House and Senate interrogated Bradley I. Abelow and other top executives at MF Global Holdings Ltd., lawmakers did not mention Mr. Abelow’s role as a financial adviser for the Environmental Protection Agency, which as of Tuesday listed him as the chairman of its financial advisory board.

Even as he finds himself the public face of a bankruptcy and admitted to lawmakers that he had no idea how client funds disappeared, Congress and the administration have voiced no public concern about Mr. Abelow’s role advising the $8.6 billion government agency on its finances.

Mr. Abelow also served as former New Jersey Governor Jon Corzine’s chief of staff before Mr. Corzine went on to become MF Global’s CEO.  Interestingly, current EPA Administrator Lisa Smith also previously served as then-Gov. Corzine’s chief of staff.  Whether the Corzine connection played any role in Mr. Abelow’s appointment to the chairmanship of the EPA’s Financial Advisory Board is as yet unclear.

Read the rest at Big Government

Banking Crisis Will Spark Deflationary Spiral

The European Sovereign Debt Crisis that morphed into the European Banking Crisis is about to morph into a powerful worldwide deflationary spiral. The bankruptcy of MF Global, a former primary dealer for the U.S. Federal Reserve, has propelled a growing electronic bank run as many depositors have lost faith in the liquidity and solvency of many of their financial institutions. The banks, brokers and other lenders are responding by firing bankers to slash costs, selling off assets, and curtailing lending. As borrowing becomes more difficult large companies and virtually unavailable for smaller firms; production will fall and unemployment will rise.

Read the rest at Big Government