Search results

I wish these articles would stop focussing on his ability (or lack thereof) as a trader. His views on the market are totally irrelevant. The fact that money was missing from customer accounts potentially makes him a CRIMINAL.

Just to clarify, for this 72% equalising distribution, is it ONLY usd cash that is being distributed? What about foreign currency deposits? Do they count as cash held at foreign exchanges?

It's very unlikely that MFG would have extended credit to any customer which still needs to be returned. However, the trustee is just trying to be careful by crossing every t and dotting every i.

JPM's objection is total legal nonsense. JPM are *creditors* of MFGI and therefore have no assets being held there. Customers are attempting to recover their own assets.

I printed out the claim form, filled it in by hand and scanned it. I think scanning is the only option as you may well need to provide extra information in the form of signed statements. Plus, you need to sign the claim form itself.

Ok, so the only people who at this point have not been made up to 60% are those who were not flat as of Oct 31. Actually, those were the majority.. Do we have a clear idea of when everyone's going to be at 60% of all assets?

Because.. saving is boring and spending is fun. Americans like to have fun. Cultures that actively promote self denial and/or delayed gratification tend to have people that are savers, e.g. India and China.

Saving is fundamentally about spending less than you earn. It is something you need to do to have any hope of succeeding at capitalism.

My understanding of the distribution process is as follows: 1. (Last two weeks) Distributed 60% of the collateral on open positions only 2. (Happening now) Distributing 60% of the account value of those accounts that were flat on Oct 31st 3. (Possibly early Dec) Make everyone's account...

The problem with having a long string of successes in life is that you start to think you have the magic touch and anything you do will work out. So the bets get bigger and bigger and risk management is thrown out of the window. Eventually, your luck runs out. Once again, everything boils...

What a pity programmers never got themselves unionised, eh? With the Socialist-In-Chief about to write the unions a cheque for hundreds of billions in the name of 'job creation', coders can only look at those fire truck drivers in CA making $150K and weep into their hashtables. Outsourcing...

The Commodity Exchange Act of 1970 says that if there is a shortfall in segregated client funds then customers get priority over all other bankruptcy claimants. I'm not a lawyer.. anyone here who is?

MF Global the brokerage is being liquidated by the SIPC appointed trustee to safeguard the return of customer assets. The parent company, MF Global Holdings, is in bankruptcy.

Is there an ETF for an index of the world's 1000 biggest companies by $ value, rebalanced every quarter? That asset would be the one most likely to be in a bull market over any 50 year period. The Dow did pretty well from 1950 to 2000, but America's future is uncertain. By using a fully global...

Plenty of accounts are not that small. They are in the $5-50m range. Exactly why an FCM would want to get rid of that kind of business is beyond me. Like I said, the pick and shovel sellers are scaring the prospectors..

I have a cash only account too (about $350K split equally among USD, EUR, CHF and JPY) after successfully flattening all positions by the close of Monday. Unlike you, I didn't try to move on Friday Oct 28 but on Monday after bankruptcy was declared. Does this make a difference? My guess is...

At this stage I'd be quite happy with a haircut. Please give me back 80% of my money NOW rather than 100% at some indefinite point in the future..

You have a lot of faith in these investigators. Bearing in mind that pilfering from segregated accounts is a criminal offence, I don't know why the entire financial control department (if MF actually had one) wasn't detained until the money was found. So far the investigators have been...

You have a point, but there is very clear legislation that puts customers first. Case law in its entirely puts the segregated account holder first, with no exceptions. Dipping your fingers into client accounts is roughly as legal as robbing a bank at gunpoint. There is a lot of scare...

And hence our missing funds.. :)