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For comparison - a regulated traditional finance entity: On October 31, 2011, MF Global executives admitted that transfer of $700 million from customer account
by dmichulke 4y ago
For comparison - a regulated traditional finance entity:
On October 31, 2011, MF Global executives admitted that transfer of $700 million from customer accounts to the broker-dealer and a loan of $175 million in customer funds to MF Global's U.K. subsidiary to cover (or mask) liquidity shortfalls at the company occurred on October 28, 2011.
https://en.wikipedia.org/wiki/MF_Global https://en.wikipedia.org/wiki/MF_Global
- YossarianFrPrez 4y agoOne key difference is the following: > In January 2013, a judge approved a settlement that would return 93 percent of customers' investments, with the prospect of additional payouts from the company's general estate.
- EdwardDiego 4y agoIs this "whataboutism"? And if so, what's your point precisely? I don't think anyone has ever claimed that financial malfeasance is impossible in traditional banking entities.
- austhrow743 4y agoI’m not seeing anything about a hack