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MF Global Files for bk
Posted on 10/31/11 at 9:54 am
Posted on 10/31/11 at 9:54 am
[LINK]
Bank run, complete. Have any Greek banks even filed yet? Pretty interesting that a huge Euro bank (albeit a crippled one) and a US B/D get blown up because of Greek debt exposure possibly before Greek banks themselves.
Bank run, complete. Have any Greek banks even filed yet? Pretty interesting that a huge Euro bank (albeit a crippled one) and a US B/D get blown up because of Greek debt exposure possibly before Greek banks themselves.
1
Posted on 10/31/11 at 9:59 am to kfizzle85
sweet. place was run by fraudsters. glad to see they got theirs.
Posted on 10/31/11 at 10:08 am to Tiger JJ
GS exec turned politician turned exec is a possibly shady character? GET OUT. 
Posted on 10/31/11 at 10:21 am to kfizzle85
Posted on 10/31/11 at 10:29 am to Tiger JJ
Shady.
Posted on 10/31/11 at 10:34 am to kfizzle85
Much much worse than was ever reported or that they ever paid for.
Posted on 10/31/11 at 10:36 am to kfizzle85
MF Global's 41 billion dollar bankruptcy is going to take down some other companies but the bigger question right now is what other companies are going to follow MF Global's demise on betting on Europe. JP Morgan chase lost a lovely 1.2 billion today as an unsecured creditor to MF Global and Deutsche Bank lost close to 1 billion.
Posted on 10/31/11 at 12:54 pm to MrLSU
quote:Link, please?
P Morgan chase lost a lovely 1.2 billion today as an unsecured creditor to MF Global and Deutsche Bank lost close to 1 billion.
Posted on 10/31/11 at 1:15 pm to MrLSU
I really don't think there is much systemic risk in an orderly filing from MFG, if any at all. They're probably slightly underwater, but they're not filing because they're insolvent, they're filing because they're illiquid. Of that 39B listed on the filing, virtually all of it is backed by collateral on the balance sheet, or at worst, an exchange, and they're already selling off pieces of the company as is. 3 or 4 billion in total losses, 30 percent of which is just equity, is not a big deal.
I seriously doubt JPM and DB aren't hedged on that unsecured risk to begin with, but I do find it funny that they owe CNBC about $800k. The rest of the unsecureds are a bunch of white shoe law firms who'll probably make 30x their outstanding claims off of advisory fees anyway.
I seriously doubt JPM and DB aren't hedged on that unsecured risk to begin with, but I do find it funny that they owe CNBC about $800k. The rest of the unsecureds are a bunch of white shoe law firms who'll probably make 30x their outstanding claims off of advisory fees anyway.
Posted on 10/31/11 at 1:16 pm to LSURussian
Posted on 10/31/11 at 4:33 pm to kfizzle85
quote:
JPMorgan Chase is identified as the biggest creditor, as the administrative agent for a $1.2 billion revolving credit facility. The bank itself only has about an $80 million exposure to the MF Global loan, having syndicated the rest,
quote:
Deutsche Bank is the second biggest, with a $325 million claim on behalf of bondholders.
Thanks, kfizz. I was pretty sure the other poster was wrong.
Posted on 10/31/11 at 5:01 pm to kfizzle85
quote:
they're filing because they're illiquid.
Man, it seems bad when a BD is illiquid.
Posted on 10/31/11 at 5:18 pm to Tiger JJ
Well I'm not saying it's good.
Posted on 10/31/11 at 5:35 pm to kfizzle85
No, I know. It's just that Corzine is a dipshit.
Posted on 10/31/11 at 6:46 pm to Tiger JJ
Dipshit doesn't even begin to describe him. This is going to get ugly.
Dealbook
quote:
Federal regulators have discovered that hundreds of millions of dollars in customer money have gone missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter. The revelation of the missing money scuttled an 11th hour deal for MF Global to sell a major part of itself to a rival brokerage firm. MF Global, the powerhouse commodities brokerage run by Jon S. Corzine, had staked its survival on completing the deal.
Dealbook
Posted on 11/1/11 at 10:25 am to Blakely Bimbo
quote:
MF Global Holdings Ltd. (MF), under investigation by U.S. regulators after filing for bankruptcy protection, violated requirements that it keep clients’ collateral separate from its own accounts, the head of the world’s largest futures exchange said.
These motherfrickers continued on with the same fraudulent shite, even after Philadelphia.
LINK
Posted on 11/1/11 at 10:55 am to Tiger JJ
And yet, nobody will ever go to jail for some unknown reason these idiots keep getting away with robbery.
Posted on 11/8/11 at 1:02 pm to Blakely Bimbo
Posted on 11/8/11 at 1:38 pm to Tiger JJ
I hope they are forced to return said bonuses. I would like to hear what JPM told members of the banking syndicate, too. WTF does Corzine think he is? How could anyone with a spark of functionality in their cranium believe any form of Euro debt was a great buy at any price much less lever up to buy more?
Check out the update on the Olympus thread regarding the multi-decade coverup.
Check out the update on the Olympus thread regarding the multi-decade coverup.
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