Anyone pulling money out of MF Global?

[cashcarewins]

Dorman Trading COO Confirms Will Receive Bulk Transfer Of MF Accounts

http://online.wsj.com/article/BT-CO-20111103-717289.html

 

[heech]

Aaaaah... "bulk transfer of accounts" doesn't mean bulk of all accounts. Just means a "bulk" of accounts. Okay, now this is all making sense.

 

[jeb9999]

"Firms accepting transfers of customer business from MF Global are: Dorman Trading LLC, BNP Paribas, RJ O'Brien & Associates LLC, Mizuho Securities USA Inc., Newedge, FC Stone LLC, Rosenthal Collins Group LLC, Penson Financial Services Inc., ADM Investor Services Inc. and Macquarie Futures USA. "

http://online.wsj.com/article/SB10001424052970203716204577016042820929410.html?mod=googlenews_wsj

 

[Catoosa]

Quote from opt789:

“Penson, Mizuho To Get Bulk Transfer Of MF Accounts -Source, DJ”

So you go from MF Global to the great and strong firm of Penson?

I bet trader accounts transferred to Penson will not stay with Penson after the MF Global experience.

 

[cashcarewins]

Accounts that aren’t transferred will be liquidated in an orderly fashion beginning Monday, Kobak said. (He is a lawyer for the trustee.)

http://www.bloomberg.com/news/2011-...tomer-shortfall-of-600-million-cftc-says.html

Does that mean they are going to wire us 89% of our money?

 

[jeb9999]

Latest news is that only 6 firms getting bulk transfers of MF Global accounts and only 60 percent of the collateral is moving over.

"That means crunch time on Friday as the six firms -- ABN Amro Chicago Clearing, ADM Investor Services, Dorman Trading, FCStone, R.J. O'Brien and Rosenthal Collins Group -- calculate the margin required for traders to keep their trades open."

"While accounts will now be transferred more quickly, only 60 percent of the collateral will be moved to the new brokers."

http://www.reuters.com/article/2011/11/03/us-mfglobal-margin-idUSTRE7A27Y020111103

 

[TraDaToR]

Quote from Catoosa:

I bet trader accounts transferred to Penson will not stay with Penson after the MF Global experience.

Yes. But since it is already mixed with Penson's capital, they will have to wait a little...



Sorry there is nothing funny here.

 

[Ash1972]

Quote from benwm:

Not really fair on those that prudently manage risk and don't carry overnight positions. All of their "cash" becomes part of general pot of creditors claims in the event of a bankruptcy?

Absolutely not. All cash and T bills held in segregated accounts are segregated.

Customers who have their segregated accounts violated do not become creditors. Thieves do not get sued in the claims court for the return of a loan.

Bondholders and lenders are creditors.

 

[Ash1972]

As regards the MISSING cash, yes, that will be bankruptcy BUT clients with cash missing come before all other creditors:

If an FCM became insolvent, and there also happened to be a shortfall in the amount of funds segregated for customers (for example, because of a customer default), customers would not be protected from the FCM's insolvency. Customers would have a claim against those assets of the FCM which are deemed to be customer property. The claims of FCM customers would take priority over all claims other than those attributable to the administration of customer property. Distributions of customer property would be made on a pro rata basis to each customer.

 

[PocketChange]

Latest report is 1.5B missing from client funds.

They should immediately fire and arrest everyone at MF Global and appoint a receiver to clean up this mess. MF Global and each of their employees are fiduciaries to their clients and have robbed them.

Get the foxes out of the hen house and establish a constructive trust around all assets of MF Global and each of their officers, directors and employees. Pierce the corporate veil and start claw backs and asset liquidations.

RICO all the way baby... treble damages + fees