That's a basic question in one's personal life and in business. Apparently, MF Global could not answer that question. They couldn't answer the question when they went bust, they couldn't answer it for most of the time they existed. Yet Corzine signed the Sarbanes-Oxley requirement that internal controls were in place.
The company's internal controls were so bad that midlevel employees had wide leeway when handling
requests from elsewhere in the company to move hundreds of millions of
dollars at a time. Apparently, there was no "dollar threshold"
on how much employees could move from accounts used to invest the firm's
own money and certain customer funds. In contrast, only two employees
were allowed to move more than $500,000 at a time out of an account used
to pay commissions owed.
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