James Koutoulas crushes it on CNBC. He has the facts on his side. First, Koutoulas isn’t some run of the mill attorney for hire. He runs a CTA in the futures industry called Typhon Capital. Second, he didn’t campaign for the case. He saw a wrong, and plenty of disenfranchised customers. He organized the Commodity Customer Coalition and did something about it.
Did Corzine and MF Global commit fraud? We won’t know until they are charged and the case tried. What’s clear is that there is plenty of circumstantial evidence to cause experienced commodity players to think Corzine did commit fraud. The PFG case and MF Global case are almost exactly alike.
The fallout behind this is that most people are leaving very little trading capital in their accounts. Eventually, clearing firms will consolidate even more and the business harmed as competition is concentrated.
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