'MF Global Customers Target JP Morgan'

W

Wallace

by Emily Lambert, Forbes Staff
"James Koutoulas, the lawyer and futures trader who is representing MF Global
customers in bankruptcy court, has a message for JP Morgan Chase Chief
Executive Jamie Dimon: explain yourself. Koutoulas says he’s extending an
“open invitation” to the head of the country’s biggest bank to meet with him, and
he wants Dimon to tell him face-to-face why JP Morgan should get paid before
farmers and other individual futures customers who are out money.
“No-one ever stands up to JP Morgan,” says Koutoulas, who seems out to
change that. “They had a $2.75 trillion bailout from the Fed. Now they’re trying to
get another bailout in this MF Global case over farmers who can’t buy seed and a
single mom who can’t pay the mortgage? These guys have no shame and they’re
now my sworn enemy.”
. . . Koutoulas wants the merchants to pull their customer business from JP
Morgan unless the bank publicly agrees the court should give MF Global
customers priority until they’re made whole. Koutoulas says that he has talked
to several FCMs and that they’re receptive to the idea." - more -
http://www.forbes.com/sites/emilylambert/2011/12/15/mf-global-customers-target-jp-morgan/
 
James Koutoulas, the lawyer......

......has a message for JP Morgan Chase Chief


"he wants Dimon to tell him face-to-face why JP Morgan should get paid before farmers and other individual futures customers who are out money."


**** nutmeg raising hand*****

"I have a question for the lawyer"

"Will the lawyers get paid first before the farmer who needs the money for the seed????"

Oh yea one other thing, will the lawyers be paid before the bank is paid??

Just checking ....
 
Quote from nutmeg:




**** nutmeg raising hand*****

"I have a question for the lawyer"

"Will the lawyers get paid first before the farmer who needs the money for the seed????"

Oh yea one other thing, will the lawyers be paid before the bank is paid??

Just checking ....
More...

The named lawyer is working pro bono, obviously other lawyers like the trustee are getting paid $800 or whatever an hour which is disgusting but that seems to be the going rate.
 
Where do you think that 800 an hour goes?
It supports the adult industry and expensive wine industry.


Quote from Businessman:

The named lawyer is working pro bono, obviously other lawyers like the trustee are getting paid $800 or whatever an hour which is disgusting but that seems to be the going rate.
More...
 
The Commodities Exchange Act makes it very clear that customers of bankrupt FCMs have priority over all other creditors (except those who are owed money specifically related to the administration of customer funds) in the case that customers have missing funds.
 
Quote from Businessman:

The named lawyer is working pro bono, .
More...

Not to split hairs or anything but the guy has no standing, hence not much of a chance of getting paid/hired, so might as well act like a good guy/pro bono and fight the rightieous fight.

On the flip side, at least someone is going to bat for the customers/
 
Quote from Ash1972:

The Commodities Exchange Act makes it very clear that customers of bankrupt FCMs have priority over all other creditors (except those who are owed money specifically related to the administration of customer funds) in the case that customers have missing funds.
More...

If that's true, and JPM is hanging onto some MFGlobal cash, this is going to get interesting.
 
You must log in or register to reply here.
Back
Top