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How they shuffled around funds to create the appearance of liquidity
And this is how they covered up their exposure
Yves Smith is all over the report by the bankruptcy trustee for MF Global.
I suggest that you read it, so I will show you to two graphics from the report, and remind you of “Saroff’s Rule”, “If a financial transaction is complex enough to require that a news organization use a cartoon to explain it, its purpose is to deceive.”
It appears that this applies to bankruptcy trustees as well as news orgs.
Go read, and wonder why John Corzine isn’t being frog marched out of his mansion in hand cuffs.