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Posts tagged ‘MF Global’

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MF Global: The Blame Game

“The Enron bankruptcy was not the result of a failed energy industry; it was the result of a criminal conspiracy. The Madoff bankruptcy was not the result of a failed hedge fund industry; it was the result of a criminal conspiracy. The MF Global bankruptcy is not the result of a failed futures industry; it is the result of criminal activity on the part of senior staff at MF Global…”

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CME Group Moves To Stem MF Global Fallout

“CME Group Inc. (CME) on Thursday unveiled fresh efforts to rebuild confidence after the collapse of MF Global Holdings (MFGLQ), boosting its dividend and creating a new fund to protect farmers and ranchers that use its futures markets. “

“A new $100 million guarantee fund for “farmers and ranchers” is seen in place by March 1, and will provide up to $25,000 per account if customers suffer losses from the insolvency of a CME clearinghouse member or other market participant. “

A fund that only covers “farmers and ranchers” for up to $25K in losses?   Seems like trying to put out a fire with an eye dropper…

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Three Months After The MF Global Bankruptcy, We Find That $1.2 Billion (Or More) In Client Money Has “Vaporized”

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MF Global Customer Funds at JP Morgan?

According to this Bloomberg article, MF Global has located funds totaling $2.2B in a custodial account at JPMorgan.  The account is said to contain both the firm’s money and customer funds, according to an unnamed source. But JPMorgan was not able confirm what portion of the balance (if any) was related to customer funds.

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