"I simply don't know where the money is" so said Mr. Jon S. Corzine

The sad man above?  Mr. Jon S. Corzine

He’s the former U.S. senator (2001 – 2006) and a former goveror of New Jersey who was in charge during the collapse of MF Global which was until last year a major global commodities brokerage firm.

In October 2011, MF Global experienced a spectacular meltdown in its financial liquidity caused by improper transfers of some$700 to $890 million. Later that same month, MF declared bankruptcy and started liquidating the next month. Losses incurred by customers are now estimated to be $1.6B.

And what did Mr. Corzine as CEO of MF Global have to say about all of this?

During testimony before Congress, Mr. Corzine said he could not explain what happened exactly to he admitted, “many hundreds of millions of dollars” that the firm held for customers.  His exact words were…

“I simply do not know where the money is”

As an accountant and certified financial planner I find that testimony pretty completely extremely outrageous.

To be clear, Legacy Tracker is not designed to help big financial conglomerates keep track of customer accounts.  Luckily, it is very rare to find a story where a big financial conglomerate loses track of customer deposits.  However, it is unfortunately, not so rare to find cases where an individual or a family has become separated from their own funds.

A major mission of Legacy Tracker is to reduce the financial risk to individuals and families who are losing track of their assets. (Estimated to be $3-4 Billion in Canada/$32-34 Billion in the USA).

Everyone really needs to know…. where their money is.