• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

New York Fed Statement On MF Global, Or How 22 Primary Dealers Became 21 Primary Dealers

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 10/31/2011 - 07:39 | 1827949 Irish66
Irish66's picture

We are going to have to bail out this risk?

Mon, 10/31/2011 - 07:39 | 1827950 GeneMarchbanks
GeneMarchbanks's picture

Plot thickens.

Mon, 10/31/2011 - 07:40 | 1827951 jmcadg
jmcadg's picture

On your own bitchez!

Mon, 10/31/2011 - 07:42 | 1827953 Hephasteus
Hephasteus's picture

21 crack dealers left. Geihtners gonna tweek out.

Mon, 10/31/2011 - 10:16 | 1828259 Zero Debt
Zero Debt's picture

There is no honor among thieves.

Mon, 10/31/2011 - 07:44 | 1827956 maxmad
maxmad's picture

Can't they just rub some Corzine on it?

Mon, 10/31/2011 - 07:49 | 1827966 GeneMarchbanks
GeneMarchbanks's picture

Corzine has side-effects, some of which will send you running to the John.

Mon, 10/31/2011 - 07:45 | 1827957 ziggy59
ziggy59's picture

No new business.. they can continue the same old business..

Mon, 10/31/2011 - 07:46 | 1827959 maxmad
maxmad's picture

Explain this to me-how can a primary dealer-with direct access to the printing presses fail?  did someone do something bad?

Mon, 10/31/2011 - 07:53 | 1827974 westboundnup
westboundnup's picture

Your question assumes there's a logical explanation.  Several months ago I gave up on trying to find logic in the global financial system.  Dow Futures are green BTW.

Mon, 10/31/2011 - 07:59 | 1827984 maxmad
maxmad's picture

I am assuming your logic is kidding right?  Triple digit losses in the dow futures... LOL

Mon, 10/31/2011 - 07:56 | 1827979 GeneMarchbanks
GeneMarchbanks's picture

Only goes to show how big of a fuck-up Corzine is.

Mon, 10/31/2011 - 07:57 | 1827981 Bobbyrib
Bobbyrib's picture

"Explain this to me-how can a primary dealer-with direct access to the printing presses fail?  did someone do something bad?"


As a resident of NJ, I will answer this for you. The board of directors fucked up when they appointed Jon Corzine as CEO.

Mon, 10/31/2011 - 08:12 | 1828003 Cursive
Cursive's picture


I guess MF Global wasn't TBTF?

Mon, 10/31/2011 - 21:28 | 1830389 Bobbyrib
Bobbyrib's picture

I guess not.

Mon, 10/31/2011 - 07:46 | 1827960 peekcrackers
peekcrackers's picture

No soup for you !

Mon, 10/31/2011 - 07:48 | 1827962 blueridgeviews
blueridgeviews's picture

What happened? MF GLobal refuse to continue with the charade? Or does the NY Fed have another bank in mind to fill MF's shoes. There is ONE thing I know with certainty, the NY Fed is as corrupt as the SEC.

Mon, 10/31/2011 - 07:52 | 1827970 bania
bania's picture

Terminated status, FTMFL...

(for the MF loss)

Mon, 10/31/2011 - 07:52 | 1827971 HedgeAccordingly
HedgeAccordingly's picture

Good morning ladies http://hedge.ly/gFWVSm

Mon, 10/31/2011 - 08:05 | 1827999 Hephasteus
Hephasteus's picture

Link leads to verisign infrastructure and operations.

Mon, 10/31/2011 - 09:12 | 1828095 catacl1sm
catacl1sm's picture

FYI, I enjoy your chartology and BOTD, but I admit that I'm too stupid to fully understand the implications of your charts. Some additional explanations would be nice. :)

Mon, 10/31/2011 - 07:53 | 1827973 maxmad
maxmad's picture

this should be good for an addition 20 handle drop in the sp....


sing with 22 corrupt bankers on the wall, if one of them should happen to fall 21 corrupt bankers on the wall....

Mon, 10/31/2011 - 07:54 | 1827976 MiningJunkie
MiningJunkie's picture

Who gives a shit? Some futures-op goes belly - no reason to resume the SELL EVERYTHING mantra that has bankrupted you short players in the past month lol...

Mon, 10/31/2011 - 08:02 | 1827992 Leopold B. Scotch
Leopold B. Scotch's picture

Nothing like bravely going long the endless (financed by the truly astute savers / producers) bailout, and then talking shit about it here.

Mon, 10/31/2011 - 08:03 | 1827994 maxmad
maxmad's picture

thats right buy, hold and pray, has worked very well!

Mon, 10/31/2011 - 10:08 | 1828234 Citxmech
Citxmech's picture


Since selling my market positions, I'm up more than 100%. Ain't PMs grand?

Mon, 10/31/2011 - 07:56 | 1827978 Irish66
Irish66's picture

MF Global is a leader by volume of executed or cleared transactions in markets around the world. Our heritage in the global markets includes nearly 230 years of brokerage experience and our role as a founding member of many of the futures exchanges.

Rankings on Select Exchanges by Trade Volume(1)
Fiscal Year 2011

North America Europe Asia Pacific COMEX  #1 Liffe #4 SFE #1 NYMEX #1 ICE Futures #3 SGX #4 CME #2 Eurex #14   CBOT #3    

(1)Rankings for the 12 months ended March 31, 2011. Click herefor underlying detail.

Mon, 10/31/2011 - 08:07 | 1828001 Racer
Racer's picture

There were ten green bottles sitting on a wall street...

and if one of them were to accidentally fail..

there will be nine green bottles sitting on a wall street

and if....



and there were two green bottles sitting on a wall street

and if one of them were to accidentally fail,

there will be one Gonemad Sucker sitting all on it own


Mon, 10/31/2011 - 11:35 | 1828632 Piranhanoia
Piranhanoia's picture

Getting the Hydra down to only one head is going to make it a lot easier to make cat food.

Mon, 10/31/2011 - 08:10 | 1828002 Everybodys All ...
Everybodys All American's picture

It's great we now have Dodd-Frank in place to unwind all of these problem companies like MF Global. /sarcoff

Mon, 10/31/2011 - 08:36 | 1828041 ZippyBananaPants
ZippyBananaPants's picture

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.


Yeah, right.

Mon, 10/31/2011 - 08:38 | 1828045 firstdivision
firstdivision's picture

Does Corzine have his seat belt on for this ride?

Mon, 10/31/2011 - 09:05 | 1828077 NuYawkFrankie
NuYawkFrankie's picture



A brok-er-age called MoFo Global,

Had business all round like a mogul

'til Capo Corzine

Appeared on the scence,

Now it's bankrupt and not even Local

Mon, 10/31/2011 - 09:03 | 1828078 rittter
rittter's picture

It is a perfect set up.  This is how the GS, JPM, etc. are going to get out of their bad foreign debt exposure and maybe other crap.  The big boys unload the crap to the little guys and the little guys, for a price, flushes the toilet (bankruptcy). 

Mon, 10/31/2011 - 09:03 | 1828079 Josh Randall
Josh Randall's picture

22 Letters in the Hebrew Alphabet -- and 22 Primary Dealers to the FED -- hmmmmmmm

Mon, 10/31/2011 - 09:19 | 1828117 Lux Fiat
Lux Fiat's picture

This may just be a case of Corzine making some bad decisions and prop trading run amok.   However, the hardening cynic in me wonders if the Fed/Treasury were using the primary dealers to help out their buddies in Europe.  If so, MF may not be the only PD stuffed with Euro trash.  Guess time will tell. 

Mon, 10/31/2011 - 10:05 | 1828228 spanish inquisition
spanish inquisition's picture

What a great opportunity for the global elite to prove themselves right. Hire on Summers and Krugman and float $20B in MFG 2% bonds. Confidence will be restored in the company stock, hiring will ensue and all will be well.... a perfect microcosm for the world we live in today!

Edit: Remember this is just a confidence issue....

Mon, 10/31/2011 - 10:11 | 1828249 Ned Zeppelin
Ned Zeppelin's picture

MF Global: "Turn those machines back on, bitchez!"

First casualty, canary in coal mine, or random implosion?

Mon, 10/31/2011 - 10:18 | 1828262 Hard1
Hard1's picture

Another multibillion failure courtesy of your Ex-Goldman/ex-government-official friends.  Corzine, Timmey, Paulson should be the poster childs of idiocy and corruption in the USA.  Lloyd Blankfein for president anyone?

Mon, 10/31/2011 - 10:22 | 1828281 Kobe Beef
Kobe Beef's picture

I thought Lloyd already was President. You mean the duffer in the White House is actually calling the shots? Now I'm really scared...

Mon, 10/31/2011 - 10:46 | 1828416 HedgeOn
HedgeOn's picture

Ahh, another Goldmanite doing "God's work".  I guess this time it wasn't tbtf.

Mon, 10/31/2011 - 11:32 | 1828627 Piranhanoia
Piranhanoia's picture

Until the Fud changes it's policy in,  3...2...1...

Mon, 06/04/2012 - 01:53 | 2152835 Marta45
Marta45's picture

The 1962 Mets published a 40–120 history, one of the toughest in major-league history, and the most failures in one period since 1899. In 1966, the Mets once side stepped Area of Famer Reggie Fitzgibbons in the beginner set up, instead choosing Bob Chilcott, who never performed in the majors. http://www.bbtix.com/new-york-mets-tickets.php

Do NOT follow this link or you will be banned from the site!