Mf global finance files bankruptcy

[Ares]

Game Over. And in the meantime, we get the following report from a media source: "CME’s acting like the MF Global thing just happened. They’re haphazardly locking traders out who clear with MF, blocking access to the floor of not just MF Global employees but people who clear through them. As a result, nobody wants to leave the floor and nobody who still has access wants to trade just to get locked out."

http://www.zerohedge.com/news/mf-global-finance-files-bankruptcy

[Neuro]

How big is MF Global, in terms of assets?

[osoab]

All hail Jon Corzine. ::)

[Horn]

Pile all the dogs into one hole, then bury them.


The futures brokerage, which was spun out of the British hedge fund Man Group in 2007, employs more than 2,000 people, about 700 of them in London at its Canary Wharf office.

MF Global could announce it is filing for bankruptcy protection as early as today, the Wall Street Journal reported, and also announce a deal with Interactive Brokers, the newspaper said.

The brokerage has also reportedly lined up a number of restructuring advisers and bankruptcy specialists should it fail to strike a deal.

MF Global, which is run by former New Jersey Governor and Goldman Sachs executive Jon Corzine, rattled investors last week after disclosing a $191.6m quarterly loss and $6.3bn exposure to the debt of several European countries including Spain and Italy.

The company insisted that the European debt it holds is short-term and will be supported by the European Financial Stability Facility.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8859103/MF-Global-close-to-asset-sale-and-bankruptcy-after-European-debt-bets.html

The European Financial Stability Facility (EFSF) was created by the euro area Member States following the decisions taken on 9 May 2010 within the framework of the Ecofin Council.

http://www.efsf.europa.eu/about/index.htm

[mightymanx]

If there are ties to Goldman Sachs, I doubt this is an accident.

All is going acording to plan.

[Sparky]

How big is MF Global, in terms of assets?

$6.2B. Bigger than the GM bankruptcy, smaller than Lehman Brothers. The significance is the precedent of how the losses will be handled, and the potential domino effect.

[Mouse]

Looks like they comingled about a billion in customers funds to cover their margin calls. Corzine should be seeing some jail time, but I doubt it will happen. Hope your broker doesn't rape your account to pay his margin calls and then leave you in the unsecured creditor line.

[Twisted Titan]

I would glady pay Three Mercury Dimes to sit on the sidelines and watch a MF global.customer log on to their account only to set it Frozen and some generic recording about who to call for "answers"

I would love to see their pale Terror filled faces when they realize the" money" is gone