MF Global Shares Halted For News

Tyler Durden's picture

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tickhound's picture

Why halt a good thing?

GeneMarchbanks's picture

'In other news, can Jon Corzine become CEO of Bank of America next please? Or at least America's next president? It's not like Goldman does not need a few more competitors taken out...'

You owe me... a small amount of fresh Cafe Latte ;)

UGrev's picture

You accept the risk when you visit.. I'm already a few keyboards out and about a 1 roll of paper towels. :D

writingsonthewall's picture

It's not over until Cramer issues a 'BUY'.

 

Speaking of which - check out the latest moronic warblings for the suckers.

 

http://www.businessinsider.com/cramer-on-groupon-2011-10#comment-4eae834...

 

Oh God - Henry Blodget AND Cramer backing a stock - time to get well away...

ToNYC's picture

 

He showed us anyone can be great, said Jim Cramzier about Jon who can't take a fall like a man, but only as Goldman Sacker fakeman. Happy Halloween CME and ICE locals. The Free die one by one if they don't network like their survival depends on it.

Gief Gold Plox's picture

Monday morning... it just keeps on giving.

Vampyroteuthis infernalis's picture

Tyler, who are the suckers who own this trashy MF paper? Someone always gets the bag.

Irish66's picture

tip of the iceburg

Cursive's picture

@WB7

LOL.  Is this based on the guy in the dog suit from "The Shining?"

maxmad's picture

collapse, bitchez!

dwayne elizando's picture

MF Global is looking like MF Doom!

Lone Deranger's picture

Looks like Interactive Brokers will be acquiring most of MFs assets.  I would assume that to be the $7 billion in user accounts.

Cursive's picture

@Lone Deranger

What about the liabilities?  Oh, that's right, there are no liabilities for a successor bank to assume.

wisefool's picture

People pay taxes to make sure those liabilities are taken care of.

ToNYC's picture

 

A graceful exit via the Fed squad for their former brother-in-chief. Locals? 163 year trading history; let'em eat D/Ks

bigdumbnugly's picture

With the trashing of certain east coast states not enough for the maniacal Mr. Corzine, he turned his ruinous gaze toward the unsuspecting and naive hopefuls at MF Global.

on all hallows eve it horrifically unhinged.  

 

pretty good start to a novel. 

and based on a true story at that.   who needs fiction.

boo.

lizzy36's picture

Awesome.

2800 employees, and Corzine gets $12m severence for destroying the company.

Crony Capitalism working its wonders.

bigdumbnugly's picture

ahhh yes.

and it won't be but a few months and corzine will be back on cnbc pressed for his educated opinions on all matters financial and political.

 

ToNYC's picture

 

Jon is the age that Karen Silkwood would have been had she not gone off the reservation on Kerr-McGee's plutonium bad doings. Karen Silkwood died for Truth like Rachel Corrie. Jon Corzine is nothing but a tar ball down the shore.

monmick's picture
TheStreet.com

 

JPMorgan's 13 favourite stocks for 2011

 

Jake Lynch

 

TheStreet.com


Published Wednesday, Jan. 05, 2011 4:29PM EST

 

Last updated Monday, Jan. 24, 2011 6:34PM EST

 

The JPMorgan Chase & Co.’s Focus List includes 13 stocks expected to deliver annualized gains in excess of 20 per cent. [...]

4. MF Global (MF-N1.20-0.23-16.08%), which has a market capitalization of $1.1-billion, is a brokerage firm offering cash and derivatives services as well as execution and clearing to capital markets clients. MF Global's third-quarter earnings were in line with JPMorgan's estimate for a profit of 2 cents.

 

But, that performance missed Wall Street's consensus expectation for earnings of four cents per share. The company also missed on the top-line, but its stock popped 2.4 per cent on the announcement as management cut compensation costs as a percentage of revenue.

 

Trading volume fell 18 per cent sequentially, hurting business. JPMorgan believes that the credit crisis hurt smaller trading firms, but perceived counterparty risk will subside and that MF Global is poised to benefit.

 

[...]

mccoyspace's picture

"double nickels on the dime"

X. Kurt OSis's picture

Funny. The wikipedia article on MF Global gives the history of the firm and ends with the statement, "MF Global filed for bankruptcy protection on October 31, 2011.". Did wiki beat Bloomberg and Reuters?

Cow's picture

Oct 25, 2011 MF Reports on results

http://www.mfglobalinvestorrelations.com/phoenix.zhtml?c=194911&p=irol-n...

 

Mr. Corzine continued, "We were particularly pleased with the repositioning of our mortgage, credit and foreign exchange businesses; the performance of our commodities group; and the common alignment of our brand to strategy. These efforts reflect positively on our ability to execute and deliver competitive returns to shareholders in the quarters ahead."

As of September 30, 2011, MF Global maintained a net long position of $6.3 billion in a short-duration European sovereign portfolio financed to maturity (repo-to-maturity), including Belgium, Italy, Spain, Portugal and Ireland. The laddered portfolio has an average weighted maturity of October 2012 and an end date maturity of December 2012, well in advance of the expiration of the European Financial Stability Facility in June 2013. (see supplemental table for further details)

"Over the course of the past year, we have seen opportunities in short-dated European sovereign credit markets and built a fully financed, laddered maturity portfolio that we actively manage. We remain confident that we have the resources and expertise to continue to successfully manage these exposures to what we believe will be a positive conclusion in December 2012," Mr. Corzine concluded.

Maybe, Dick Fuld helped him write this.

 

prophet's picture

MFing Global, Man-o-Man, AHL AUM

spjk2k's picture

tempus edax rerum.