You can see the hubris. As the bankruptcy of MF Global unfolds, customers are still looking for their money. That money should have been segregated and not part of the bets the firm was making with its own money. So far, $1.2 billion in client funds is missing. Where did it go?

From Vanity Fair’s “Jon Corzine’s Riskiest Business”:

That’s what U.S. congressmen mainly wanted to know when Corzine testified before the House Agriculture Committee on December 8. An informal survey of customers suggests that most think Corzine belongs in jail. Those who know him well, on the other hand, still don’t believe he could have known that money was being stolen. In his testimony before the House Agriculture Committee, Corzine said, “I simply do not know where the money is, or why the accounts have not been reconciled to date.”

And we thought all of this was behind us with the Wall Street reforms.