Most MF Global Money Has Been Located

Dealbook:

In November, investigators said they began to worry that money may have vanished into a web of counterparties and creditors who are entitled to MF Global’s money. The concern implies that the money may not be missing, but is gone for good.
But at least some of the customer money MF Global misused was transferred to JP Morgan Chase, MF Global’s main bank. Investigators also suspect that MF Global made improper transfers of customer money to the Depository Trust & Clearing Corporation, a clearinghouse that did business with MF Global. The clearinghouse may have passed on the money to MF Global’s trading partners, who would have rightful claims to money from MF Global. A major part of futures customer money also went to securities customers who were closing accounts in October.
Ultimately the task of recovering money falls to Mr. Giddens, who collected the final claims on Tuesday, the last day customers were permitted to file forms outlining what they are still owed.
He has not said how far his investigation has come. He has deployed a team of 60 lawyers and hired 100 consultants from Deloitte and 60 forensic accountants from Ernst & Young to help sift through some $327 billion in wire transfers in and out of MF Global the month before its collapse.

Surprise, surprise, JP Morgan ended up with customer money, whodaguessedit?  Also, there's this:

While a number of the 38,000 customers have been paid nearly three quarters of their money, others have yet to receive a dime. Paul Jordan, a retired business executive, has not received any of the money from accounts trading on foreign exchanges, an amount that totals about $500,000, he said. His patience is wearing thin.
“The thing that really irritates me is that I’m not a super wealthy individual,” said Mr. Jordan, 65. “I’m thankful that some funds have been paid out, because bankruptcies can last for years, but I would have hoped by this time that it would be pretty clear where the funds are and exactly what happened to them.”
In contrast, when customer cash was missing from Sentinel Management Group, a Chicago brokerage firm that collapsed in 2007, the trustee overseeing that case found the money within a week. Within a month, the trustee, Fred Grede, announced that the money had turned up at the Bank of New York Mellon.

At least we see where retail customers rank.  Damn well last.  Asses better be seated in defendants' chairs soon.