Anyone pulling money out of MF Global?

Looks like the malfeasance was deeper and of longer duration than most of the press reported earlier. http://www.firstpost.com/business/mf-global-mixed-funds-transferred-abroad-report-147291.html Obvesiously the Trustee knew things were really bad quite a while ago. So much for transparent communication.

How about those claim forms? Pretty cryptic for being a straight forward process. It clear that all account holders will be clawing through one or more claims processes to get the 'left overs' which remain after the banksters get their slice. I'm now beginning to wonder if MF is a big enough iceberg to sink an entire industry given that it's core premise is (was) good faith dealing based on contracts supported by self regulated entities.

I'm at 60 cents on the dollar at yet another storied old line FCM wondering if the exchanges will survive this tsunami against customer confidence. The sad part is that its clear that there are many account holders with more at stake who remain much worse off. The CFTC's focus on standardizing the swaps markets look more and more like a Trojan horse. One thing is clear - Better not have an account at a brokerage that is also a swaps dealer.
 
Where is the cme group 100 billion dollar cash backstop for open trades and clearing? this is high tech theft of traders monies.
 
"The money's not where it's supposed to be in general," he said. "If it was we would have found it. We're not going to just lift the couch cushion and find $600-plus million." - CFTC head
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it is gone!
 
Quote from Mvector:

Where is the cme group 100 billion dollar cash backstop for open trades and clearing? this is high tech theft of traders monies.
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Formally, the exchange guarantees performance of the other side of trades but not your own broker.

Informally they have certainly made statements going beyond that at times.
 
Quote from comintel:

Formally, the exchange guarantees performance of the other side of trades but not your own broker.

Informally they have certainly made statements going beyond that at times.
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They most certainly have, made me feel like my account was iron clad. The CME has been back peddling on their statements after MF. The CME gave a green light to the segregated funds just a week prior to the melt down, they're on the hook too because of that.
The CME could restore all the MF accounts instead of a 50M guarantee, makes me wonder if they know that other FCM's are in trouble with their segregated funds. Probably from a legal stand point, they don't want to set the precident for fear of having to backstop all other FCM's that may go down.

Another note, I was asked for a phone interview with the office of Senator Stabbinow concerning my MF account after I wrote to her office, we'll see.
 
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