Yes, ML Global is allowed to steal

The point about the "loss" of ML Global customer accounts is not that it was lost, but that it was looted as the company collapsed, but it's all "no harm, no foul," and there are no criminal investigations:

Federal officials looking for an estimated $1.2 billion missing from customers of MF Global Holdings Ltd. feel more and more that a lot of it may never be located, according to a report citing sources familiar with the probe.

What's been learned so far suggests that a good deal of the money may have “vaporized” because of scrambling in trading in the week before MF Global filed for bankruptcy protection Oct. 31, the Wall Street Journal reported, citing “a person close to the investigation.”

This money was stolen, most likely by Jamie Dimon's peeps at JPMorgan.

Even if you cannot prove criminal intent, you can get back this money, if you are willing to actually pursue it.

Still, Jon Corzine being frog marched out of his offices in hand cuffs would be a good thing.

H/t Atrios.