Corzine resigns: MF Global chief Corzine resigns: reports - MarketWatch
Also have funds with this shower . Have written to KPMG giving them 24 hours to transfer funds back to my account under CASS Rules. Failure to do so will incur daily interest.?? Bothered !!!!
Got an "Out of Office" reply........
Wonder what their Cash Position is as I understand they used Clients Funds and that these are likely to need recovering from 3rd Parties.
Where are we in the pecking order ?? Not holding my breath.
Cookie
Got an "Out of Office" reply........
Wonder what their Cash Position is as I understand they used Clients Funds and that these are likely to need recovering from 3rd Parties.
Where are we in the pecking order ?? Not holding my breath.
Cookie
You're behind MF Globals staff bonuses and KPMGs outrageous fees, that's for sure. Remember the money is missing, which obviously doesn't help matters. If you're in the UK you're covered up to a certan limit by the FSCS but that could take forever.
counter_violent
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BBC - BBC Radio 4 Programmes - The Bottom Line
First programme in the link "Business Bonds" has the ex chair Alison Carnwath of MF speaking. Quite interesting what she has to say about MF Global.
First programme in the link "Business Bonds" has the ex chair Alison Carnwath of MF speaking. Quite interesting what she has to say about MF Global.
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counter_violent
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Says who ?
Says a Doer !
It seems reasonable to assume that if MFG deny me the use of my money I am well within my rights to charge them interest on their borrowing.
.......p*****g in the wind cookie
neil
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On the Ning Nang Nong
Where the Cows go Bong!
and the monkeys all say BOO!
There's a Nong Nang Ning
Where the trees go Ping!
And the tea pots jibber jabber joo.
On the Nong Ning Nang
All the mice go Clang
And you just can't catch 'em when they do!
So its Ning Nang Nong
Cows go Bong!
Nong Nang Ning
Trees go ping
Nong Ning Nang
The mice go Clang
What a noisy place to belong
is the Ning Nang Ning Nang Nong!!
Spike Milligan
:clap:
Where the Cows go Bong!
and the monkeys all say BOO!
There's a Nong Nang Ning
Where the trees go Ping!
And the tea pots jibber jabber joo.
On the Nong Ning Nang
All the mice go Clang
And you just can't catch 'em when they do!
So its Ning Nang Nong
Cows go Bong!
Nong Nang Ning
Trees go ping
Nong Ning Nang
The mice go Clang
What a noisy place to belong
is the Ning Nang Ning Nang Nong!!
Spike Milligan
:clap:
neil
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You should be grateful to see a penny of it again. Remember they are bankrupt and $600 million is missing.
.......roger that - quite agree.
The initial decision to originally use Man Spread Trading who latterly became MF Global was not neccesarily flawed. It was always felt that funds held in Clients Accounts would be protected in the UK no matter what both under FSA and CASS Regulations. To now be in a situation where there appears no guarantee of having these funds returned even in part let alone in full is devastating especially in view of the work that goes into building these funds in the first place. ( And the bloody tax paid on earning it ).
If anybody has any news or ideas of any way to recover these funds please feel free to share them with us.
Mindless ramblings and facetious comments are unwelcome and inappropriate.
maverick91100
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I have about $70k with MFG. Unfortunately no withdrawals were processed from the Friday through Monday BEFORE the official bankruptcy announcement, so anyone who left it later than Wednesday or Thursday probably got stuck anyway.
I spoke to the FSA on the Monday morning and both they and the FSCS (financial services compensation scheme) both indicated that all my money (including fully liquidated trading profits + deposit) would be covered if there is an issue in tracing and properly allocating the funds from MFG themselves. Obviously there is a considerable mess and confusion about how exactly MF used client funds and as we are all aware there appears to be an unanswered $600 million. But, even with all that, for UK clients at least the FCSC should cover any claims if there is still a shortfall after all the mess has been sorted out.
Also given MFG's global presence and various subsidiaries I don't think it can be assumed that US and UK clients will be exposed to identical risks in terms of the missing money. The contact I had with MF and KPMG gives me reasonable peace of mind that those of us in the UK, who have funds lower than the insured level, will see all our money. Hopefully sooner rather than later!
I spoke to the FSA on the Monday morning and both they and the FSCS (financial services compensation scheme) both indicated that all my money (including fully liquidated trading profits + deposit) would be covered if there is an issue in tracing and properly allocating the funds from MFG themselves. Obviously there is a considerable mess and confusion about how exactly MF used client funds and as we are all aware there appears to be an unanswered $600 million. But, even with all that, for UK clients at least the FCSC should cover any claims if there is still a shortfall after all the mess has been sorted out.
Also given MFG's global presence and various subsidiaries I don't think it can be assumed that US and UK clients will be exposed to identical risks in terms of the missing money. The contact I had with MF and KPMG gives me reasonable peace of mind that those of us in the UK, who have funds lower than the insured level, will see all our money. Hopefully sooner rather than later!
maverick91100
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I think it would depend on your account type. It is my understanding that those trading into a real market or exchange, (ie futures or any product where MF were not the ultimate counter party) would have a far greater likelihood of having their original trades and any resting orders honoured and then transferred to another provider.
Anyone in a position where MF were counter party have probably seen a liquidation at whatever price the market happened to be when KPMG started closing out. You can read about it here on KPMG's website, along with various other updates.
MF Global UK administration update | KPMG | UK
Fortunately I was flat in all positions, but I can imagine the anxiety of anyone who was locked into a trade with no control, other than to perhaps hedge through another broker. It even happened for the MFG guys on the floor of the CME on the first day, they weren't even allowed back to the floor to deal with positions. Rick Santelli on CNBC gave quite a rant about it at the time. It was as blunt as some guys leaving the floor for a cigarette in the session, possibly in various positions, and then not allowed back in. I also saw another guy on Bloomberg with around $35million in assets with MFG, who was locked into trades. They asked what would happen if the market had a very big move one way or the other and he reckoned in the worst case scenario it could wipe out 50% of his account, while he was unable to do anything.
Arguably he was using too much leverage etc etc, but at the same time you don't place short term trades in very liquid markets expecting to be locked out for days. Long story short, pretty unpleasant situation all round.
Re-assuring words Maverick - thankyou.
Have still not received any response from KPMG after two attempts.
Looks like some people might be getting a percentage of their account back soon if the court approves it
MF Global Trustee Targets Distributions Beyond $520 Million - BusinessWeek
MF Global Trustee Targets Distributions Beyond $520 Million - BusinessWeek
cassiopeia
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MF Global customer cash shortfall 'doubles to $1.2bn' MF Global made multi-billion dollar bets on eurozone debt
The shortfall in customer cash held by collapsed brokerage firm MF Global may have doubled to $1.2bn (£760m), according to liquidators.
Mr Corzine resigned from the company on 4 November.
Bankruptcy trustee James Giddens said: "The amount of money MF Global should have segregated for customers may be short by $1.2 billion or more."
He added that the figure could still change.
Mr Giddens is leading an investigation into claims that MF Global misused its customers' cash in its final days of trading to shore up its own finances.
He currently controls about $1.6bn of the brokerage's funds that he can use to pay back customers whose accounts were frozen when MF Global went bankrupt on 31 October he said.
His plans to pay back 60% of customer funds by early December would almost completely use up that cash.
BBC News - MF Global customer cash shortfall 'doubles to $1.2bn'
The shortfall in customer cash held by collapsed brokerage firm MF Global may have doubled to $1.2bn (£760m), according to liquidators.
Mr Corzine resigned from the company on 4 November.
Bankruptcy trustee James Giddens said: "The amount of money MF Global should have segregated for customers may be short by $1.2 billion or more."
He added that the figure could still change.
Mr Giddens is leading an investigation into claims that MF Global misused its customers' cash in its final days of trading to shore up its own finances.
He currently controls about $1.6bn of the brokerage's funds that he can use to pay back customers whose accounts were frozen when MF Global went bankrupt on 31 October he said.
His plans to pay back 60% of customer funds by early December would almost completely use up that cash.
BBC News - MF Global customer cash shortfall 'doubles to $1.2bn'
scose-no-doubt
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Is anyone going to be prosecuted?
capitalspreads
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actually .. just to put a bit of fact into this... it is the well run companies that pay for the compensation schemes offered by the FSCS not the government. Readers might remember earlier in the year when all the small firm (us included) suddenly got huge bills from the FSA for the FSCS compensation payments for a company called Key Data Systems (which we had never heard of).
Oddly enough it meant that the small brokers/spread betting/cfd companies paid out far more on one compensation claim than all the fines imposed on the banks by the rgulators or politicians in the UK for the chaos of 2007/09 !
those clients with money over and above the FSCS will probably get nothing. in any case I understand that the shortfall is in the US not the UK.
Simon
Oddly enough it meant that the small brokers/spread betting/cfd companies paid out far more on one compensation claim than all the fines imposed on the banks by the rgulators or politicians in the UK for the chaos of 2007/09 !
those clients with money over and above the FSCS will probably get nothing. in any case I understand that the shortfall is in the US not the UK.
Simon
