• Knave Dave
    05/23/2016 - 18:16
    This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve...

MF Global Taps Credit Facility, Burns Through $2 Billion In Quarter

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Thu, 10/27/2011 - 19:27 | 1819097 knukles
knukles's picture

NJ taxpayers should be elated.

Thu, 10/27/2011 - 19:45 | 1819157 Irish66
Irish66's picture

cut to junk

Thu, 10/27/2011 - 19:49 | 1819171 max2205
max2205's picture

Probably short euro and long short 3x's. Good job Ben on blowing some more businesses out of the water

Thu, 10/27/2011 - 19:50 | 1819177 max2205
max2205's picture

Btw thanks a shit load of $ to blow through. 15x no doubt

Thu, 10/27/2011 - 19:55 | 1819199 Careless Whisper
Careless Whisper's picture

run by Jon Corzine

where have i heard that name before? oh yeah, he was the ceo of an investment bank that is now a really big hedge fund. and the name of it is... anyone? bueller? bueller? bueller?



Thu, 10/27/2011 - 20:08 | 1819219 Don Birnam
Don Birnam's picture

The Moody's Kraken has feasted upon the live, insolvent body of that slithering scion of the Vampire Squid. Verne or Melville could not have devised a more satisfying plot.

Thu, 10/27/2011 - 22:13 | 1819525 Melin
Melin's picture

I don't get it.  Doesn't this just mean the fiat blower machine will be turned in MF's direction?

Thu, 10/27/2011 - 19:52 | 1819189 machineh
machineh's picture

You know the song [to the tune of 'Big John']:

Red Jon,

Red Joh-ohn,


He wrecked New Jersey ... now he wrecked MF!

When are folks gonna figure out that this well-heeled socialist dilettante is real bad news?



Thu, 10/27/2011 - 22:00 | 1819501 FreedomGuy
FreedomGuy's picture

Yes, my favorite Corzine moment was when his State Trooper drivers wrecked his government SUV by doing 90+ on wet roads. He was not wearing his seatbelt either as required by law.

So given that and MF can we call him "Crash Corzine"? Seems appropriate.

Fri, 10/28/2011 - 08:21 | 1820306 Raskolnikoff
Raskolnikoff's picture

Socialism always has two books, one for the 'sheeple' and one for the guy in charge. If you're lucky, the guy in charge will be nice and merciful to you. But human nature as it is, socialism will always give you a Joe or a Mao for your troubles. Problem with Jon and Barry is they start to believe just how smart and powerful people say they are and then the air bag of reallity pops out in their faces and wakes'em up.

Fri, 10/28/2011 - 09:48 | 1820577 gmrpeabody
gmrpeabody's picture

Spot on!

Fri, 10/28/2011 - 16:37 | 1822522 FreedomGuy
FreedomGuy's picture

Exactly right! My saying is "Socialism is for losers and aspiring autocrats." which feeds right into your comments.

Thu, 10/27/2011 - 23:35 | 1819782 natty light
natty light's picture

Before I even got to the comments, when I saw John Corzine mentioned, I thought: he burned through New Jersey's capital, too.

Thu, 10/27/2011 - 19:30 | 1819103 lolmao500
lolmao500's picture

Whether or not Goldman would dare to do this to the firm of its former CEO is a different question... which is obviously answered with a YES.

Like Goldman has any moral. Mwahahahaha.

And what is 300 million today? It's chump change.

Thu, 10/27/2011 - 19:34 | 1819130 Logans_Run
Logans_Run's picture

I believe that if given the opportunity Lloyd would phuque Ben over.

Thu, 10/27/2011 - 19:54 | 1819198 knukles
knukles's picture

So you haven't heard?

Thu, 10/27/2011 - 23:41 | 1819786 upWising
upWising's picture

$300 million?  Chump Change?  Squid Change sounds better.  Kind of like those pennies in the tray next to the cash register down at the mini mart.

Thu, 10/27/2011 - 19:30 | 1819111 ss123
ss123's picture

These guys are burning through 2 billion dollar credit lines and Joe Schmoe can't get a piddly little loan from the bank.

Thu, 10/27/2011 - 19:47 | 1819163 navy62802
navy62802's picture

Normal people exist in an entirely different world from the one these guys know. Out here in the jungle, it is a depression.

Thu, 10/27/2011 - 20:40 | 1819299 nope-1004
nope-1004's picture

Banks give loans?

Since when?

Oh ya..... they will if you've got 100% collateral in some other form of liquid asset.   But if you've got the money, why would you need a loan?  Even then, they'll make you sign a personal guarantee.

Banks ARE NOT in the business of LENDING.

They are in the business of STEALING.


Fri, 10/28/2011 - 07:05 | 1820153 Marco
Marco's picture

Unless you are another bank with a Moody stamp of approval, then they will lend each other as much money as they could want to dig a deeper hole for their shareholders while handing out bonuses.

Thu, 10/27/2011 - 19:30 | 1819112 ac3
ac3's picture

Thanks for playing bitchez

Thu, 10/27/2011 - 19:32 | 1819122 Hedgetard55
Hedgetard55's picture

And.... it's gone.

Thu, 10/27/2011 - 19:45 | 1819156 max2205
max2205's picture


Thu, 10/27/2011 - 19:37 | 1819123 Cdad
Cdad's picture

Serious "horse fixing" going on in the AH session...including manipulations of FAZ, SPY, GLD, TLT...to name just a few.  But as usual, I'm sure Mary Schapiro will get right on it...just as soon as she is done taking notes in L. Blankfein's office about what SEC regs she should just forget about.

There is no market anymore.

**This was a single firm event...as all trades came off together at 6:30.  Six sigma moves all around**

Thu, 10/27/2011 - 19:53 | 1819188 HyperLazy
HyperLazy's picture

I saw that spike of activity at 6:27 to 6:28. BAC, JPM and C dove and rebounded. FAZ reacted, hit some stops and 75,000 FAZzies were released.


Thu, 10/27/2011 - 19:54 | 1819196 Cdad
Cdad's picture

These late AH trades are about resetting technicals [as well as the obvious free money angle].  Could just be Chinabot, as well.

But the trades should all be busted...but won't be...as they are executed through alternative venues and cannot be tracked.  Thank you Duncan Niederauer.

Thu, 10/27/2011 - 20:09 | 1819238 HyperLazy
HyperLazy's picture

Just took a look at FAS. Volume of FAS at 6:28 was 517,589.

I can't figure out what the target of this event was; the stocks, the leveraged ETFs, loading, unloading, consolidating or dislodging positions.

Probably all of the above - in the iVernacular, LOL

Thu, 10/27/2011 - 20:14 | 1819249 Cdad
Cdad's picture

It is hard to say what it is...because this is no longer a market.  But I'm sure Mary Schapiro cares about preserving the market...so I'm sure she will get right on it and figure out who it was that fixed horses in the AH tonight at 6:28 cst.  I'm so sure she will that I am now holding my breath and awaiting the announcement...

Thu, 10/27/2011 - 22:48 | 1819646 UP Forester
UP Forester's picture

She's too busy investigating Avon, which apparenty gave her cosmetics that made her fugly....

Thu, 10/27/2011 - 20:51 | 1819344 Yen Cross
Yen Cross's picture

Nice to have you back. Thanks yen

Thu, 10/27/2011 - 23:30 | 1819772 J 457
J 457's picture

Look at TZA and TNA in AH.  Something not right....

Fri, 10/28/2011 - 00:05 | 1819824 HyperLazy
HyperLazy's picture

Spent the last couple hours looking at all sorts of goodies. 6:27 to 6:28 was extraordinary. Stocks like S, GM, F, H and PFE experienced up to 20% swings. I have seen these kind of moves before on individual items and across small ranges, but not across this many equities at once. But yeah, when this many stocks get jerked around the corresponding ETFs get yanked around too.

HFT on the verge of berzerk? Exchange data centers puking? wow.just.wow


Edit: Does Nanex have anything on this? LOL

Thu, 10/27/2011 - 19:37 | 1819139 Racer
Racer's picture

Once you get sucked into a whirlpool of debt, initially the waters seems calm and relaxing but then it starts to speed up, slowly at first and it doesn't appear as if anything is too much wrong... but then it speeds up more... and more and then before the banksters know it they are sucked into oblivion

Thu, 10/27/2011 - 19:59 | 1819210 slewie the pi-rat
slewie the pi-rat's picture

that would make a good thesis topic, Racer: 

"Edgar Allen Poe On Banking"

Thu, 10/27/2011 - 22:50 | 1819653 UP Forester
UP Forester's picture

I think we've passed the Event Horizon a few light-years back.

The only thing that can save us now are the neutrinos from a plutonium life-preserver....

Fri, 10/28/2011 - 07:09 | 1820159 Marco
Marco's picture

Yeah, before you know it some of them will have to retire to their life of yachting around the world ... oh the horror. The only thing which might suck them to oblivion is a Somali Pirate.

Thu, 10/27/2011 - 19:40 | 1819143 jcaz
jcaz's picture

Lemme guess-  Corzine's parachute is $710M.....

Thu, 10/27/2011 - 19:39 | 1819144 Seasmoke
Seasmoke's picture

Corzine is running MF about as good as he ran New Jersey.......into the ground

Thu, 10/27/2011 - 19:44 | 1819150 lolmao500
lolmao500's picture

Well good. New Jersey deserves to be into the ground.

Thu, 10/27/2011 - 20:56 | 1819359 Cursive
Cursive's picture


LOL.  You mean about as well as he ran the governor's Suburban off the guard rail?  Looks like he hedged about as well as he wears seat belts.



Thu, 10/27/2011 - 19:46 | 1819159 dick cheneys ghost
dick cheneys ghost's picture

Perhaps we have room for Corzine at Treasury, or maybe the Fed could use him.........

Thu, 10/27/2011 - 21:00 | 1819373 knukles
knukles's picture

Do Not Give Them Any Ideas

Thu, 10/27/2011 - 19:48 | 1819168 NoTTD
NoTTD's picture

What did you expect?  There is only one pool of mediocrity where  Corzine could flourish - and he's already screwed NJ and the nation.  His failure at this was a dead bang certainly.

Thu, 10/27/2011 - 20:00 | 1819212 lizzy36
lizzy36's picture

You forget.

Corzine was CEO of Goldman Sachs. Until he want away one weekend and from the back seat of his car Hank Paulson staged a coup. That is a true story.

Thu, 10/27/2011 - 20:02 | 1819220 nmewn
nmewn's picture

There is no honor among thieves.

Thu, 10/27/2011 - 20:57 | 1819366 Yen Cross
Yen Cross's picture

 I concur+1

Thu, 10/27/2011 - 20:26 | 1819280 azusgm
azusgm's picture

More, please. Link?

I love a good dirtbag story.

Thu, 10/27/2011 - 19:50 | 1819176 mynhair
mynhair's picture

Corzine for DNC chair!  Let's get rid of the hydra.

And be rid of that Wasserman-Schultz moron.

Thu, 10/27/2011 - 19:50 | 1819179 Zero Bid
Zero Bid's picture

CVA = counterparty valuation adjustment?

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