Egan-Jones On The MF Global Endgame: "The Majors Will Pick Off MF Key Employees And Clients Will Flee"

Tyler Durden's picture

A short, sweet and spot on summary of what is most likely going to happen to MF Global courtesy of the only rating agency worth listening to, Egan-Jones. "A race - the Company is in a race to re-establish its business while clients, employees, and its business position slides. The major issues are the real losses from poor investments in the EU, whether MF can attract interest in salable assets, and if interested buyers are willing to step up currently or wait until a transaction is potentially blessed by a trustee in a reorganization (in the case of the Lehman Brothers reorg, Barclays was confronted with a fraudulent conveyance issue). The most likely outcome is that the majors will pick off MF key employees and clients will flee. No news is bad news." Full note here."

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Earl of Chiswick's picture

and where will Jonny turn up next?

GeneMarchbanks's picture

Where all the failures go... back to gubmint.

What does it all mean's picture

Love this site, people remember stuff...

She is like the "good girlfriend".   Very interesting...

NJ, CT are catching up to Illinois...  Why is NY governors / mayors so good at hiding their skeletons?  

Just watch!

totem's picture

Let's see.. he sunk NJ deep into debt and is now working the same magic in the corporate world at MF global.

This man is obviously presidential materal!

Don Birnam's picture

The Vampire Squid ostensibly to the rescue of MF's kith and kin ? Ah, the pickins' are slim...

Buzz Fuzzel's picture

Not to worry.  The gubment will arrange a shotgun weding or a "structured bankruptcy" where justice and law are ignored, the taxpayer and retail investors get screwed and we move one step closer to the new Dark Ages.

ejhickey's picture

a few miles off the Jersey shore?

GeneMarchbanks's picture

Thanks a lot Corzine.

citrine's picture

we cannot see the "Full note" without subscription.

azusgm's picture

Gotta love Sean Egan. So refreshing to get analysis without CNBS spin.

Big Corked Boots's picture

"Key employers will flee and taxpayers will get pick pocketed."

There, that's Jon Corzine's legacy - what he did for New Jersey, he's done for MF.

kito's picture

why would anyone want to stay with a firm that couldnt see past its nose regarding the great global conundrum??? fool me once (2008) its your fault, fool me twice (post 2008) its my fault. anybody who stays with a firm that didnt learn any lessons from 2008 gets what they deserve....

Deadpool's picture

Jon Corzine is a criminal. Anyone read "When Genius Failed"? and no, the "genius" was not Governor Corzine, who did and LBO on New Jersey to win office.

jcaz's picture

The only clients left at MF are Corzine's buddies, and they were smart enough not to load up too much on his Kool-Aid.

Will be interesting to see how the assets price out-  bet they're liquidated before close of trading today- whoosh.

Do I have to buy my puts back yet?   BUWAHAHAHAHAHAH!!!!!!!!!!!

reload's picture

Most shops in London today would not execute trades for `give up` to MF Global clearing accounts.

Granangry's picture

Cock Bove, I mean Dick, was on CNBC yesterday saying they would be bought by GS. Today, CNBC confirms that GS is, in fact, in talks with MF. I wonder which GS board member is giving Cock his info. Especially considering that Gupta is resigned to working the front desk at his cousin's Best Westen motel.

Don Birnam's picture

 "Especially considering that Gupta is resigned to working the front desk at his cousin's Best Westen motel."

That is provided he is granted work release.

FrankIvy's picture

I have some (probably worthless) crude option contracts that I have at MF Global (Lind-Waldock). 

Any recommendations on where I should move them?

reload's picture

Marex might be worth a try - not used them myself, have no axe to grind - but hear reasonable things about them and know a few smart cookies that clear with them.

litotes's picture

Charles Schwab used to have a referring broker relationship with MF Global.  Schwab bought Options Express, however, so as of November, Schwab will be moving all of these affiliated futures accounts to Options Express.  That's fine with me- MF's online trading platform was a pain to use.

I would guess that Schwab has tens to hundreds of thousands of customers that will be moved from MF to OPXS.

JW n FL's picture

Occupy Phoenix Veterans with AR 15s keeping the Occupation safe


Hulk's picture

Porky needs to shape up...

PulauHantu29's picture

Creative destruction...good stuff.

Seasmoke's picture

Corzine cant catch a break since Paulson beat the crap out of him when he left GS.......poor guy

ejhickey's picture

Corzine is a bum

Grand Supercycle's picture

DAX monthly chart at blog shows recent bullish candle revealing aggressive short covering rally enclosed within big picture bearish pattern.

Bullish USD weekly/monthly and bearish SP500/DOW monthly charts will eventually ensure a reversal of the equity uptrend and a significant dollar rally.


Carlyle Groupie's picture

Hate these f*uckers. Their prop desk Principal Strategies sucks sweaty ballsacks.

Good riddens!

ToNYC's picture

He was such a nice man...Benito Mussolini that is, until he hooked up with those bloody Northerners.

Corzine is the Godzilla that the Gold man Sackers visited upon the good city Chicago...lest there be an untainted space since 1848.

ToNYC's picture

IMF take over of all countries due to accounting irregularities. Now get in line!!