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Recall that the original rule allowed customer monies to be used to buy only U.S. Treasuries and investment grade munis.
"While I am deeply distressed by the fact that customer monies have not yet been fully repaid, I unfortunately have limited knowledge of the specific movement of funds at the U.S. broker-dealer subsidiary, MF Global Inc., during the last two or three days prior to the bankruptcy filing," Mr. Steenkamp is expected to say in his prepared testimony.
"While I am deeply distressed by the fact that customer monies have not yet been fully repaid, I unfortunately have limited knowledge of the specific movement of funds at the U.S. broker-dealer subsidiary, MF Global Inc., during the last two or three days prior to the bankruptcy filing," Mr. Steenkamp is expected to say.
H2 predicts that that country's gross gaming yield (which measures the amount of customer monies kept by betting operations) from online poker, casino and bingo will grow from just over €400m in 2008 to nearly €1.6 billion in 2012.Should America's market ever open up, the effect would probably be similar but larger.
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They know full well they are not passing a penny to the customer in rebate monies".
His portfolio of misdeeds, dishonest business practices, myriad fronts of dubious nature designed to dispossess unsuspecting customers of their monies, a trail of bankruptcies, unpaid bills, unsavory acts of fund usage from his foundation for personal use and campaign donations for persons to look the other way on his fraudulent business dealings, should be grounds for imprisonment.
Also, MF Global petitioned the CFTC to deregulate the rules covering customer accounts and segregated monies.
It also has made some details about how it plans to pay out remaining monies to customers for those with over $100 in their accounts.
"It is our belief that if the term tip or gratuity is used that customers assume 100percentt of monies collected go directly and exclusively to service staff".
Or in New York, Verizon got the New York State Public Service Commission to raise rates on EVERY residential and business POTS customer claiming that the extra monies were needed for 'massive fiber optic investments'.
Not one cent of those administrative costs has been taken from the funds recovered for customers or paid out of taxpayer monies.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com