The best way to rob a bank is to own one!

Let's see. MF transferred $200 million to their clearing bank JP Morgan in London three days before their bankruptcy according to the WSJ. Dealbook says it was on the LAST business day. And it took the regulators THIS long to find it?

And allegedly at the time JPM London suspected that the money might be coming from the customer accounts. I wonder why that would occur to them?

Read this carefully. The spin is there but the truth is beneath the surface of sugar frosting and distracting swirls of fluff, and the decorations carved from baloney that have marked this story from day one.

This could be a misdirection. I wondered if this was money to cover the bonuses to the London MF staff, but they were paid the day before the bankruptcy. Nothing like making a find and then being able to dismiss it.

At the end of the day, I think the regulators have known where the money went for some time now. The problem is that the parties who received it won't admit it and give it back, and they have powerful friends. And there is a greater scandal floating beneath the surface. Maybe involving someone big enough to rig a global market or two.

I enjoyed the 'report' saying that George Soros had received the funds and assets. As if he was engaged in margin calls with MF Global prior to bankruptcy. He might have bought something in the aftermarket peddled to him by the original recipient who held MF Global testicular-wise before they went under. That was the most likely reason the firm would take the risk and dip into customer funds in desperation to maintain their 'winning positions.'

It is also credible that MFG was 'set up' by a company with an inside knowledge of their financial condition and cash flows.

When will they roll out the rest of the story, Christmas Eve or New Year's day? And in what year?