MF Global down 60% right now
- Thread starter Daal
- Start date
MF GLobal the nr 1 clearer on different exchanges now almost a penny stock LOL
NEW YORK, Mar 17, 2008 -- MF Global Ltd., a leading broker of exchange-traded futures and options, issues the following statement in connection with todayâs market activity:
MF Global understands the significant concerns across the markets. Our clients continue to show strong support. We currently have sufficient funding to conduct our business in normal course. In the event that these funding sources change we have additional, alternative sources to fund our business. In addition, MF Global has no exposure to sub-prime mortgage-backed securities that have been the root cause of the current market environment.
While the company uses third party repo lines, we have alternative funding in the event those lines are not available to the company. The company is very well capitalized with $1.4 billion in a committed, undrawn credit facilities.
As previously-announced, as of today, volumes and net revenues for the current quarter to date remain at higher levels than in any comparable period during the current fiscal year. In addition, client funds are at a higher level today than on February 27, 2008, or at the end of the third quarter ended December 31, 2007.
Joe Lewis is not a client of MF Global.
The company is providing this information because it plans to meet with investors and analysts over the coming days and weeks. MF Global intends to provide further information about these matters when it announces results for the current fiscal year ending March 31, 2008
MF Global understands the significant concerns across the markets. Our clients continue to show strong support. We currently have sufficient funding to conduct our business in normal course. In the event that these funding sources change we have additional, alternative sources to fund our business. In addition, MF Global has no exposure to sub-prime mortgage-backed securities that have been the root cause of the current market environment.
While the company uses third party repo lines, we have alternative funding in the event those lines are not available to the company. The company is very well capitalized with $1.4 billion in a committed, undrawn credit facilities.
As previously-announced, as of today, volumes and net revenues for the current quarter to date remain at higher levels than in any comparable period during the current fiscal year. In addition, client funds are at a higher level today than on February 27, 2008, or at the end of the third quarter ended December 31, 2007.
Joe Lewis is not a client of MF Global.
The company is providing this information because it plans to meet with investors and analysts over the coming days and weeks. MF Global intends to provide further information about these matters when it announces results for the current fiscal year ending March 31, 2008
Yes..
Yes, and he was most likely correct in his claim.
You have to understand that when the repo window closes, all bets are off and you have a "run on a bank" and that it doesn't take much time to blow through the $17 BILLION in cash that they had when he made that statement.
It's all about counter-party risk!
they may have $1.4b in undrawn credit lines, but those can be pulled. if they have losses (from a rogue trader or whatever), count on that happening.
also, lol @ the "joe lewis" comment. his name will forever live in investment infamy.
