This is the most ridiculous thing I’ve ever heard – VAPORIZED???? There are no buy and sell tickets? No wire transfers? How long did it take to come up with the term “vaporized”? Why not just say they were swinging for the fences trying to make enough money to stay alive another day that they put on lots of bad trades, the market knew they were weak, and pushed the trades against them, until they were bankrupt?
I used to think that the military term “collateral” damage was the epitome of trying to pretend something bad is not so bad. How can money just “vaporize”? There has to be a trail. There have to be trade tickets. This is just impossible.
WSJ [Reg]: Missing Funds at MF Global May Have ‘Vaporized’
2012-01-31 10:13:50.760 GMT