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The bankruptcy is In re MF Global Holdings Ltd, U.S. Bankruptcy Court, Southern District of New York, No. 11-15059 The broker-dealer liquidation is In re MF Global Inc, U.S. Bankruptcy Court, Southern District of New York, No. 11-2790. http://articles.chicagotribune.com/2012-05-21/business/sns-rt-us-mfglobalbre84l03o-20120521_1_friday-s-mf-global-broker-dealer-liquidation-jon-corzine (Reuters) – Until last October, farmers and fund managers rarely lost sleep over the extra money that they habitually maintained in their brokerage accounts, confident that it would be there the next morning. Now, stung by the loss of customer money from the failure of MF Global Inc, many cannot sleep soundly without transferring every spare cent into their own banks overnight. It is a sea change in the way that traders [...] MF GLOBAL DIDN’T ALWAYS RECORD CASH MOVEMENTS, TRUSTEE SAYS Of course, we know that MF Global is the only company to not follow Fiduciary Principles 101 (client cash commingling) but also Accounting 101 (T square, debits, credits, and all that boring and apparently irrelevant in a [...] Three-plus years since the subprime mortgage crisis — aided and abetted by Fannie Mae and Freddie Mac — triggered the collapse of Lehman and bailouts of the big banks and AIG, scant little progress has been made to safeguard the markets, investors or the economy. To add insult to injury, the big banks are bigger and more profitable than ever, but still not a single person has been held accountable for [...]
In order to get to the bottom of every collapse (or death), a forensic analysis of the last minutes of any transition from life to death has to be perormed. So far, we have only had broad strokes of the key events in the last days of MF Global as obviously many of them will implicate the management team in gross criminal behavior. Until now, when courtesy of the CME we [...] by ZH We get the following headline from Bloomberg: JPMORGAN ACTIONS AS MF LENDER LIKELY TO BE PROBED: LIQUIDATOR Needless to say, we are quite happy. Someone who isn’t however, are JPM’s shareholders, as the stock just took out the lows on the news. Some more from Bloomberg: The liquidator of the MF Global Inc. brokerage said that “certain” actions of JPMorgan Chase & Co. (JPM), a lender to the broker-dealer’s parent, “are likely to [...] Monday marks two weeks since the news broke that MF Global “removed” unencumbered segregated funds from customers’ accounts. Segregation simply means that customer deposits can’t be mixed with the firm’s own money or used to cover firm expenses. They must always be available for customers to trade with or withdraw at a moment’s notice. During that time MF Global customers have found themselves locked out of reduced equity in their accounts. Worst [...] by ZH And so another exchange decides to follow in the CME’s (clarified) footsteps, and lowers Initial Margins for all in order to facilitate the onboarding of just clients with orphan MF exposure. Probably more important is that the ICE demonstrates how this can be done in a way that does not generate speculation and confusion, and avoids follow up clarifications, due to the counterintuitive nature ofincreasing initial leverage in the aftermath of an exchange filing bankruptcy [...] 1) Home Prices in 20 U.S. Cities Fell 4% in April from a Year Earlier “Home prices decreased in the year ended April by the most in 17 months, showing the housing market remains an obstacle for the U.S. recovery. The S&P/Case-Shiller index of property values in 20 cities fell 4 percent from April 2010, the biggest drop since November 2009, the group said today in New York. From [...] The U.S. economy added more jobs than forecast in April, easing concern that higher fuel prices are slowing the economic recovery. Payrolls increased by 244,000 workers last month, the biggest gain since May 2010, after a revised 221,000 gain the prior month, the Labor Department said today in Washington. Economists projected an April rise of 185,000, according to the median estimate in a Bloomberg News survey. Employment excluding government jobs jumped [...] CHICAGO – President Barack Obama is helping his pal Oprah Winfrey wrap up her syndicated talk show in style. Obama arrived home in Chicago Wednesday to appear on one of the final episodes of “The Oprah Winfrey Show.” The talk-show host and Obama supporter has announced that she is ending her top-rated TV program on May 25 after a quarter-century on the air. Obama’s wife, Michelle, was joining him [...] |
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