Anyone pulling money out of MF Global?

From their website:

" Notice regarding CME, NYMEX and ICE Action

Due to MF Global Holdings Ltd. and its finance subsidiary, MF Global Finance USA Inc., filing for Chapter 11 Bankruptcy Petition, the CME Group, NYMEX and ICE are accepting "liquidation only" orders from MF Global clients, and have restricted electronic access to their markets.

This means that you may place offsetting orders for current open positions at MF Global, but may not place any new orders. Performance of your trades is guaranteed by exchange clearinghouses."

as well as a nice link to their How MF Global protects client assets pdf: http://mfglobal.com/File Library/corp/pdf/Our Company/Client_Asset_Protection_US.pdf
 
Quote from PocketChange:

From their website:

" Notice regarding CME, NYMEX and ICE Action

Due to MF Global Holdings Ltd. and its finance subsidiary, MF Global Finance USA Inc., filing for Chapter 11 Bankruptcy Petition, the CME Group, NYMEX and ICE are accepting "liquidation only" orders from MF Global clients, and have restricted electronic access to their markets.

This means that you may place offsetting orders for current open positions at MF Global, but may not place any new orders. Performance of your trades is guaranteed by exchange clearinghouses."

as well as a nice link to their How MF Global protects client assets pdf: http://mfglobal.com/File Library/corp/pdf/Our Company/Client_Asset_Protection_US.pdf
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They give you one phone number to close out positions that just rings and rings or is busy all day... fkn nightmare. Several exchanges that I currently have positions completely suspended all trading with MF, not even liquadation orders allowed.
 
Well, you should get back around $ 500,000. The rest probably got vaporized on a margin call to support their massive 40 - 1 leveraged position.

Was there not a story made into a movie about a trader for a bank, that after he made a large bet, the back ended up worth around $ 1.00.

Quote from apex82:

I hope your correct. It is a segregated futures account and 500k protection is peanuts on a large account. Please keep posting more info as you get it as MF is not answering their phones...
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Quote from apex82:

They give you one phone number to close out positions that just rings and rings or is busy all day... fkn nightmare. Several exchanges that I currently have positions completely suspended all trading with MF, not even liquadation orders allowed.
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Which exchanges suspended all trading with MF and which are still allowing liquidation?
 
Quote from oraclewizard77:

Its amazing more people did not get out when MF was downgraded. I guess you don't need to be that smart to manage money.
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The moral of the story...don't wait until there is fire, if you smell smoke, get the hell out...the difference a week or even a few days made.
 
Quote from Catoosa:

The collapse of MF Global is only the tip of the iceberg. With the extended period of near 0% short term interest rates of return in the USA, USA investors (individuals, banks, Wall Street investment banks, clearing firms, and etc) have been seeking higher rates of interest returns in western Europe. Some so called experts have been saying that some US money market funds have an above 50% potential exposure to the European debt crises. The rapidly expanding sovereign debt of the US and western Europe is not going to have a good outcome. Their is an expanding race of governments to electronically print money to devalue their currency and monetize debts. This could get ugly.
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needs to be reposted
 
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