Anyone pulling money out of MF Global?

[kinggyppo]

fu%^in scumbags! Corzine should be hung!

http://www.youtube.com/watch?feature=player_embedded&v=w82FT41muNI#!

 

[usman88]

Quote from steve0617:

http://goo.gl/Al7En

And it lines up with my IB saying they're moving everybody to RJ. Don't know if it's true of course, but that's what's now out there.

This tweet is not my IB.

so by moving to RJ, you will get your funds back?

 

[atticus]

Quote from kinggyppo:

fu%^in scumbags! Corzine should be hung!

http://www.youtube.com/watch?feature=player_embedded&v=w82FT41muNI#!

NEVER trust a guy with a beard.

 

[steve0617]

Quote from usman88:

so by moving to RJ, you will get your funds back?

As I understand it, yes. But nothing has been announced, although the MF SIPC trustee published:

<I>The Trustee is currently assessing the feasibility of beginning a proper transfer of some customer accounts in consultation with federal regulators and relevant exchanges and clearing houses.</I>

http://dm.epiq11.com/MFG/document/GetDocument.aspx?DocumentId=1442181

 

[kinggyppo]

Quote from atticus:

NEVER trust a guy with a beard.

It pisses me off to no end, a pit trader goes the wrong way on a trade they yank him like a criminal never to be seen again, meanwhile the golden boys get a free pass every time. I hope he does some time for this

 

[apex82]

Quote from steve0617:

As I understand it, yes. But nothing has been announced, although the MF SIPC trustee published:

<I>The Trustee is currently assessing the feasibility of beginning a proper transfer of some customer accounts in consultation with federal regulators and relevant exchanges and clearing houses.</I>

http://dm.epiq11.com/MFG/document/GetDocument.aspx?DocumentId=1442181

Is yours a futures account with your IB? Cant seem to get info if SIPA is handling segregated futures accounts. They have never dealt with futures accounts before.

 

[trading spaces]

Reuters saying mfg have stopped transferring accounts.

 

[steve0617]

Quote from apex82:

Is yours a futures account with your IB? Cant seem to get info if SIPA is handling segregated futures accounts.

Yes, and I've read the SIPC site over and over again.

*Nowhere* does it say a cash position held inside a futures account is NOT covered. It does say that commodities and futures contracts held will NOT be replaced like securities would (eg they replace the actual security held, not the cash that security was worth if lost to bankruptcy).

But it does not say anywhere, that a cash position, held in a futures account, and then is lost through bankruptcy of the firm, is NOT covered.

I'm reading it's covered. Please provide a link if you disagree.

And let's not forget, this assumes that there is actual money missing from the MF accounts. The SIPC insurance won't be needed if there isn't any actual money gone. Using customer funds doesn't *automatically* mean they're gone. And I've never seen any actual announcement that that's the case. The NYT story saying 'sources' say money is missing and the lawyer for MF quoting MF management that it's not.

No SIPC release, which is only thing I'm listening to, has said money is actually missing.

 

[steve0617]

Quote from trading spaces:

Reuters saying mfg have stopped transferring accounts.

Link please, as it's not on their website.

 

[trading spaces]

it is on ransquawk