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MF GLOBAL FINANCE FILES BANKRUPTCY
Game Over. And in the meantime, we get the following report from a media source: "CME’s acting like the MF Global thing just happened. They’re haphazardly locking traders out who clear with MF, blocking access to the floor of not just MF Global employees but people who clear through them. As a result, nobody wants to leave the floor and nobody who still has access wants to trade just to get locked out."
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poop
Another one bites the dust!
And another one gone, and another one gone, another one bites the dust!
+1 Queen
Poof !!!
The sound made when another $ billions of overleveraged debt disappears from the system.
Another jooish ponzi scheme down the drain. Where is Bernie Madoff when you need him.
I just got the notice from TransAct
Another multibillion dollar failure courtesy of your ex-Goldman/ex-Government friends. Timmay, Corzine, Paulson are the poster childs of corruption and lunacy in the USA. Blankfeinf for president anyone?
Their principal creditors are JP Morgan and Deutsche Bank.
Good morning, idiots!
Silver bitchez!! (No counterparty risk!)
Oh yeah?
http://cnbusinessnews.com/jp-morgan-won-approval-to-become-a-trading-member-of-the-shanghai-gold-exchange/
Get back to me when you see ACTUAL silver bullion vanish from your personal vault because someone else filed bankruptcy or declared them worthless.
but that reporter from Calgary said gold isn't backed by anything, so she declared it worthless.
My physical instantly disappeared when she said that.
damn counterparty risk.
The powers that be have fixed the price before.
And how do all price fixing schemes end?
Awesomely.
We deliver trading and hedging solutions across all assets in markets around the world. MF Global is a leading broker of commodities and listed derivatives and one of 22 primary dealers authorized to trade U.S. government securities.
Unparalleled global network meets roll-up-your-
sleeves common sense. That’s MF Global.
And it’s why clients turn to us to capture new
opportunities in today’s rapidly changing
financial markets.
Discover the power of Strategy Runner. MF Global’s newest, most advanced trading platforms and auto-execute solutions.
Solid infrastructure. Trusted relationships. That’s what MF Global delivers. And that’s why clients rely on us to execute, clear and
settle their transactions across asset classes and around the world.
Unique insights, passion for what we do.
That’s MF Global. And it’s how we keep
clients on top of the world markets.
Matching client needs with deep knowledge.
It’s our calling, and it’s why clients rely on
MF Global to help them seize opportunities
in fast-moving markets.
Indispensable, well-timed insight. Forward-thinking, unwavering vision. Deeply rooted passion for the markets. At MF Global, our relentless pursuit of market opportunity separates us from the pack and binds us in a common purpose—to help clients find an edge in today’s fast-paced, ever-evolving markets.
Explore stories of how the employees of MF Global are delivering on this commitment today, with more stories to come tomorrow.
Bringing together superior market access, well-timed
market insights and powerful trading and hedging
solutions. It’s our passion. And it’s why clients rely on
MF Global to sharpen their edge in the world’s ever-
changing markets.
Not....
I wonder what MHFT thinks about his favorite firm biting the dust?
If it says "Super Duper" on the package, think OPPOSITE!
Liars.
The doctor prescribed the wrong drug, Corazine doesn't exist in the PDR.
I think they died of a Havidol overdose.
WHEN MORE IS NOT ENOUGH.
Did you see what he risked this company on...?
Greek, Portugese, Irish bonds.
That Corzine fella was so high on HOpium its really FUBAR!
Only the first of many to do a fine impression of Mamma Cass eating a ham sandwich. Especially if the ISDA rules the Greek default not to be a default. Go out of business now sue later.
LOL, she was my favorite "special guest" when Scooby-Doo jumped the shark.
Right: http://www.youtube.com/watch?v=MWZfKcYlefE
She actually asks the audience to KISS HER? That I call guts!
...aaaaaaand AAPL rallies on the news as they announce their new iBankruptcy app.
$3.99? Can I pay with my credit card?
Source?
See ya on the golf course suckas
Looks like corzine has finished Gods work
Messy.
If there is any justice in the world, the board of MF Global will pay Jon Corzine his severance in euro bonds.
Sarcasm aside, Corzine, who single handedly destroyed the firm, will walk with around $12m in severence and 3200 employees will get??????
The same thing all MF'ers get...
The 3200 will get a "Corzine for President" button. After all, he now has a lot free time.
This cinches it for Corzine, you know. Once Timmay is finally deposed / quits to spend more time with his family; Corzine just enhanced his CV a Billion-Fold....he's a shoe-in for O'bummer's next Treas. Sec.
They should have new titles for the criminals not CEOs but
Con Arranging Bankruptcy And Looting
Glad to see everyone is on top of this, lol.
but they are sooooo small
Billions to millions in a few years, like only a Global Banking House can!
MF investors made millions! Unfortunately they started with billions...
Ahhhh Skeet Skeet Skeet... Who's next?
Like shooting fish in a barrel.
Phew! Wolfman made it back.
No biggie. In other news, it's the FED fault for not regulating their own damn primary dealers.
WOLFMAN!!!!!!!!!!!!!!!
So I should just wait here then?
So is this a "credit event" or was the filing for bankrupcy voluntary?
I believe the term of art is "Transitory".
LULU keeps climbing, unfazed by the world's financial woes.
Anyone have any idea what I need to do with my MFG margin call ?
Posted this earlier. The Wiki article on MF Global reported that MF filed for bankruptcy at least before 7 am this morning.
http://www.zerohedge.com/news/mf-global-shares-halted-news#comment-1828058
http://en.wikipedia.org/w/index.php?title=MF_Global&oldid=458284352
This is the old version of the Wiki page. It was updated at 7:22 AM EST to say that MF Global had filed for bankruptcy protection. Only an ISP address for whoever edited it.
And am I locked in my positions, unable to trade out of them?
Sad to see this happen. Cleared MF years ago, mid '90s and it was a top notch organization. And just to think, all it took was a muppet with a CV (head of GS), with a outsized ego to crash the largest FCM in the world. How ironic that a political whore like Corzine gets his ass handed (actually, his shareholders ass) to him on the back of a long (and wrong) Euroland debt position. You can cut the irony with a knife.
...aaand it's gone.
Corzine guilty of risk taking in Sovereign debt that bankrupts a 200 year old company but walks away with $12 Million in severance. Just another day in a Goldman Sachs led financial world.
Got CNBC on in the background and if Corzine made a profit he would be touted as doing God's work and pocket $1 Billion and cocked sucked publicly on CNBC. He bankrupts the company, still makes out, and you can see the sympathy and mourning on the faces of his friends at CNBC. Only Rick Santelli calling bullshit on what's occurring, but no one seems to be biting.
http://www.reuters.com/article/2011/10/31/us-mfglobal-corzine-newspro-idUSTRE79U31020111031
Now wait just one second here. MF's "troubles" were just trumped up bullshit spewed by silly fringe blogs, right? Buncha doomers getting over their heads and refusing to let the super-smurt PHDs direct the narrative, right?
So what is a J6P to do now? It's almost like I can't rely on various talking heads in the media to give me correct information. Like maybe they have an ulterior motive to lie to me.
My MF broker has confirmed MF currently unable to even close out positions.
So with MF closing what kind of domino effect can we expect? Are there any sort of counter party risks that could explode? Any ideas to trade this?
If you are asking that question, you are way behind the curve.
"Are there any sort of counter party risks that could explode?"
Surely, you jest? Didn't you have CDS written to protect your positions? They'll pay off - they always do, don't they?
Commented on this elsewhere, but what if MF's PIIGS bonds holdings are not unique among the PDs?
I have no idea if they are, but wonder if this is a Corzine fup, or if PDs may have been encouraged to purchase these bonds as part of a behind the scenes effort to help stabilize the EU. Could be way off base, but given how some things have worked (or not) of late, you never know.
So, they had a tenative deal to sell the assets to IBG that fell apart at the last minute. Will Timmy step in and sell the good assets now to GS for pennies on the dollar? Round up the bad assets at par onto the public balance sheet? Like Greek and other PIIGS debt, kind of a backdoor support for the EMU haircut? Just another day in Bernankestan.
As long as the people either in or associated with this "Gang" keep getting away with what many view as thievery (and that seems to be the way its been) it will continue, and the envelope keeps pushing out the boundaries. Those who live in NJ would have a better understanding.
Below are some quotes of what you'll find in this 2009 article about how NJ was ransacked:
Where is the investigation on the swap agreements, the transparency, the accountability?
Where was the investigation? What was the Governor’s involvement in making these risky instruments? Who is responsible, accountable, for taking on this risk?
How about we investigate and find out and put some of these Wall Street executives responsible in jail, since the risks were never well understood?
The more the Governor privatizes state agencies, the better for Goldman,
Goldman is a major reason for our plutocracy, where the top-1% own 90% of the wealth in this country.
This was the quintessential Goldman hit job on the middle class.
Maybe, just maybe, instead of the middle-class paying for the extra costs sustained by NJ in the collapsed auction-rate securities market, how about we disgorge the pay, bonuses, and profits from these Wall Street criminals?
http://sacramentofordemocracy.org/node/34596
11/15/2009
Gov. Jon S. Corzine King of Goldman Sach’s Plutocrats – a Plutocratic Virus on the Body Politic -- Through Wall Street Fraud, Privatization, Poor Government, & Corruption, Wages War on New Jersey’s (NJ) Middle Class – A Progressive -- Not On Your Life
Andrew H. Dral
is anyone else thinking MF mustve had cust seg funds invested in EU sovgn debt? this would have been legal per cftc (title 17, section 1.25 ) rules for investment of cust seg funds. this would presumably result in a material loss in cust accts at MF.