What Happened to MF Global?

Everytime I read about MF, I think about the call I got from their sales in the UK when I was looking for a new broker in 2009. They didn't accept the rate I was proposing but I think I wouldn't have created an account with them anyway. This firm didn't smell good after the Evan Dooley episode...I would be in line with the UK clients, about to take a tremendous haircut, with no money distributed to date.

This case is bad on so many levels. Bonuses? People have no shame.
 
Customers got about 70% of their money back from those I have spoken to.

And the bonuses were retention payments to keep staff on during the unwind process.
 
Maybe (just maybe), Corzine is dancing the cha-cha because he knows where all the skeletons are - from Goldman days to Senate days to Governor days, including those at all his regulators (some of which share some of his background on Wall St).

Sooooo... If I were him, I would say "Come and get me, and I will spill my guts about all your dirty laundry too."

Would make it kind of difficult to hold him accountable for anything at that point, wouldn't it? :D
 
Quote from ogarbitrage:


And the bonuses were retention payments to keep staff on during the unwind process.
More...

Common. There was no way to "invite" people potentially facing criminal charges to collaborate and reveal how they created their own mess? Or even just paying them a bit less than 6 figures for their good job? I hope some of them will have a bit of honor and renounce it, but I won't hold my breath...
 
Quote from ogarbitrage:

Customers got about 70% of their money back from those I have spoken to.

And the bonuses were retention payments to keep staff on during the unwind process.
More...

Get your head out of your arse.
If you want to cite anedotal evidence, the one UK customer I spoke to had not received back any money. Zilch.

The informal (admittedly small sample) ET poll suggests that "on average" more than 50% of monies have NOT been returned after four months:-
http://www.elitetrader.com/vb/showthread.php?threadid=238768

Bonuses for retention?! Geez.
 
Quote from MarketMasher:

Maybe (just maybe), Corzine is dancing the cha-cha because he knows where all the skeletons are - from Goldman days to Senate days to Governor days, including those at all his regulators (some of which share some of his background on Wall St).

Sooooo... If I were him, I would say "Come and get me, and I will spill my guts about all your dirty laundry too."

Would make it kind of difficult to hold him accountable for anything at that point, wouldn't it? :D
More...

You may be onto something here. Think about it. Corzine is or was in bed with the dumbocrats. If he got popped now, and spilled his guts, I bet the dumbocrats would look even worse than they do now. i.e., not good for obummer...

Things that make you go hmmm....
 
Quote from LEAPup:

It is a stunning story, no question! I wonder if Corzine being a loyal dumbocrat has anything to do with the FACT that the media hasn't given this much attention? Hmmm...
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Not even Fox which hates Obama. Fox is busy reporting on Obamas wife eating habits instead of real news like the Corzine/Obama situation.
 
That stupid b*tch, Edith O Brien has been SUBPOENA BY CONGRESS, and will testify on March 28th, as I understand it.

Also, that absolute WH*RE Laurie Ferber, the general counsel will be subpoenaed two.

These witches better spill the beans!

GET YOUR POPCORN READY!
 
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