Courtesy of Jesse's Cafe Americain
Francine McKenna is an ex-auditor from Price, Waterhouse Coopers.
McKenna has a blog called re: The Auditors, and also writes for Forbes.
MF Global is a slowly boiling scandal. It is always the cover up that brings the most damage, rather than the initial criminal acts that are committed by a few.
She provides a very plausible description of what really happened at MF Global, and I find it to be entirely consistent with my own thoughts and extensive reading on the subject.
She does not address the actual cause of the MF Global bankruptcy but that is another matter.
It is a dirty business. And Francine is a highly credible source.
This will start viewing at 13:00 to hear McKenna's thoughts.
