You do have to wonder what kind of cooperation investigators and regulators are getting from former MF Global executives. Someone knows something, and you would hope that he or she has the moral sense to step forward and help unwind this mess.

The latest news is that investigators have apparently determined that $200 million of the missing money has surfaced at JPMorgan Chase in Britain. The New York Times reports that "during MF Global's last chaotic days, the brokerage firm overdrew an account at JPMorgan, according to another person who is close to the matter. Some investigators now believe the firm used customer funds to patch at least some of the hole, which would have been a significant breach of federal law. MF Global transferred the roughly $200 million in the days before the firm filed for bankruptcy."

While this is being hailed as a breakthrough, the "first major misuse of customer money" at the brokerage, there is little reason to celebrate. Even if the $200 million was transferred, it is unclear if it is recoverable. And the fact remains that up to $1 billion is still unaccounted for. The slow pace of the recovery process suggests that investigators are not getting much help from former insiders, which is a shame.

If knowledgeable parties were to step forward not with significant information, it would likely help them down the line when charges are handed down. That may be where this is heading. It will be interesting to see if Jon Corzine appears before Congress and if he ends up pleading the fifth,

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- here's the article

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