Money Missing from Client Accounts at Corzine's MF Global

A government official says MF Global, the securities firm led by former Goldman Sachs chief and former New Jersey governor, Jon Corzine, admitted to using clients' money as its financial troubles mounted, according to AP. An MF Global executive admitted that to federal regulators in a phone call early Monday after regulators discovered money missing from clients' accounts, according to an official familiar with the conversation, reports AP. It is not clear if the firm has enough funds to replace money taken out of customer accounts. MF Global filed for bankruptcy protection on Monday as a result of a cash crunch following multibillion-dollar bets on European sovereign debt. MF was a primary dealer with the Fed. One of the privileged few that was allowed to trade directly with the Fed.