Peterffy for President?
- Thread starter stock777
- Start date
Unreal.
In the press release, Corzine said: âI have voluntarily offered my resignation to the board of directors of MF Global. This was a difficult decision, but one that I believe is best for the firm and its stakeholders.
Corzine also resigned and refused the severance package saying it was "a difficult decision." How difficult can it possibly be to resign from a firm when you have just finished bankrupting them?
How much you want to bet this asshole never sees the inside of a prison cell?
In the press release, Corzine said: âI have voluntarily offered my resignation to the board of directors of MF Global. This was a difficult decision, but one that I believe is best for the firm and its stakeholders.
Corzine also resigned and refused the severance package saying it was "a difficult decision." How difficult can it possibly be to resign from a firm when you have just finished bankrupting them?
How much you want to bet this asshole never sees the inside of a prison cell?
Im not a hundred percent sure on this, but maybe their trades were clearing through JPM, for example my trades clear through merrill, but i dont trade for Merrill, Im not sure whether or not MF operated as a clearing firm, or they cleared through someone else, also im not sure if the clearing firm holds onto all of the money, or the trading firm does. Regardless of who holds onto the money, i dont understand how that amount of money could have been misplaced, there is criminal negligence, going on somewhere here.
Jamie Dimon also just so happens to be a democrat from chicago, though im sure that is just a coincidence. Perhaps Maverick can clear this one up as he has a better understanding of how it works, im as lost as you are.
Max, MF is a "clearing firm"'. They clear 100% of the trades for The Man Group, a multi-billion dollar hedge fund.
My best guess is that JP Morgan structured and probably issued the sovereign debt that was sold to MF. Therefore JP Morgan needed collateral from MF to hold the position. As the collateral requirements increased, MF had to send over funding to JP Morgan to hold the debt. Some of that money apparently was customer funds in the segregated accounts.
I don't get how the money could be missing or misplaced. The problem is, so much of these transactions are done as OTC swap agreements, they are not actual securities where one can look in an account and say, there it is.
These swaps are a nightmare. They are almost impossible to keep track of. And of course we have over 150 trillion dollars in swaps outstanding in the world in notional value. Very scary stuff.
Ok makes sense, I had never heard of anyone clearing through MF so i didnt know whether or not they were a clearing firm.
So whats your take on this then? do you believe JPM actually found the money or are they covering for corzine? I dont know enough about that side of the business, but the whole thing stinks to high heaven.
From what you have said it almost sounds like JPM did something wrong in allowing MF to do this but they didnt even know until they were forced to look into it and now they are just covering their ass, so they dont look ridiculous.
So whats your take on this then? do you believe JPM actually found the money or are they covering for corzine? I dont know enough about that side of the business, but the whole thing stinks to high heaven.
From what you have said it almost sounds like JPM did something wrong in allowing MF to do this but they didnt even know until they were forced to look into it and now they are just covering their ass, so they dont look ridiculous.
Everyone is trying to cover their tracks. My bet is there are a lot of people involved in this. This whole ordeal is going to ruin a lot of people. I don't know how Corzine is going to get away with this.
From what has happened here and what you have described with JPM it sure makes me feel uneasy about leaving my money at a prop firm, particularly cause its uninsured.
Didnt some trader with genesis recently blow out the firm and everyone lost their money? I guess thats the risk you take to get leverage.
Didnt some trader with genesis recently blow out the firm and everyone lost their money? I guess thats the risk you take to get leverage.
Something very profound I have come to realize. All the corruption in finance, all the fraud, all the meltdowns, all the ponzi schemes, all of it, stems not from a lack of regulation, or greed, but rather from not being able to trade. The more time I spend in this industry, the more traders I'm around, the more I realize that there really are very few people that can make money from trading in this world. And when people can't make money, this is what happens. I have seen it happen on the floor, at prop firms, at large banks, hedge funds, you name it. Corzine was and is a bad trader. He was a bad trader at Goldman, he was a bad trader at MF. If you read his background at Goldman, he would sit in positions for months losing 100's of millions refusing to take losses. The man was weak by every definition of the word.
Yeah that definitely makes sense, especially given the fact that people start getting ripped off at an exponentially higher rated when the market starts falling apart, because the so called geniuses who only go long start getting buried.
Its funny you say that about people not knowing how to trade, cause i know about a dozen traders, (all far better than me) who day trade for themselves and are comfortable with a high 6 figure/low 7 figure living who would probably trade half of these guys under the table if given the opportunity with that kind of money. Alot of the guys(but not all) you see running billions of dollars are long only junkies who mistake brains for a bull market and dont realise that they arent much smarter then the market until the first big dip hits.
Its funny you say that about people not knowing how to trade, cause i know about a dozen traders, (all far better than me) who day trade for themselves and are comfortable with a high 6 figure/low 7 figure living who would probably trade half of these guys under the table if given the opportunity with that kind of money. Alot of the guys(but not all) you see running billions of dollars are long only junkies who mistake brains for a bull market and dont realise that they arent much smarter then the market until the first big dip hits.