So far, the trustee liquidating MF Global's brokerage has arranged for customers to be reunited with about 72% of their funds. Now customers are in a new stage of recovery for the rest, slogging through what some describe as an unduly arduous claims process. The trustee has estimated that $1.2 billion in customer funds remains missing.
The customers' main complaints: a 17-page claims form that some say is vague and doesn't fully reflect the nuances of futures and derivatives markets. Some also are frustrated that a process they hoped would swiftly return their money hasn't.
I've been a bit curious how this would play out, whether DEMOCRAT SCANDAL (golden!) or WALL STREET SCANDAL (shhhhhh) would win. Mostly it's been the latter.
Maybe if Dana Milbank had a couple bucks in an MF Global account he'd write a mildly perturbed article about it before getting back to the usual business.