MF Global

**MilehighClone** · 10-31-2011, 08:33 PM

Hope we didn't have any family members caught up in the latest financial mess....

**geburgess** · 10-31-2011, 08:44 PM

For those who don't know: Regulators Investigating MF Global for Missing Money - NYTimes.com

This looks to be nasty... Can't just make ~$700 million disappear.

**JRE1975** · 10-31-2011, 08:49 PM

You can make $700 million disappear real fast if you take the wrong postion on Greek bonds!

**acgclone** · 10-31-2011, 08:54 PM

Greece led to MF Global collapsing. We will see which other US firms are in trouble when Italy, Spain and Portugal go belly up. This Euro zone mess will not end well.

**CloneHead** · 10-31-2011, 08:57 PM

Originally Posted by MilehighClone

Hope we didn't have any family members caught up in the latest financial mess....

Corzine 1st bankrupts the state of New Jersey and now MF Global.

**Go2Guy** · 10-31-2011, 08:58 PM

Folks; this is what the Occupy Wall Streeters need to be protesting; and I'm pi**ed off enough to join them.

Poorly regulated Hedge Fund Managers taking other people's money and using it like a drunk at the Vegas Crap Tables.

Whether it's Fannie / Freddie and the mortgage industry; and Goldman Sachs with their Credit Default Swaps and now this crap, these Financial Managers are killing Capitalism and the American Economy. Damn them all

**balken** · 10-31-2011, 09:00 PM

Not pretty. Couldn't trade today (unless you wanted to liquidate an existing position) and wasn't able to wire funds out. Info supposed to be coming tomorrow.

**NobodyBeatsCy** · 10-31-2011, 09:02 PM

My first thought was this had something to do with Prestige Worldwide, but I've been on airplanes all day

**Go2Guy** · 10-31-2011, 09:04 PM

Originally Posted by balken

Not pretty. Couldn't trade today (unless you wanted to liquidate an existing position) and wasn't able to wire funds out. Info supposed to be coming tomorrow.

We're you trying to go short, or trade thin-volume stocks? I didn't have any problem with - and even found shares to short, but they were all equities with > 900K shares / day volume.

**balken** · 10-31-2011, 09:13 PM

Originally Posted by Go2Guy

We're you trying to go short, or trade thin-volume stocks? I didn't have any problem with - and even found shares to short, but they were all equities with > 900K shares / day volume.

Commodities. Brokers using MF Global as their clearing firm were not able to execute trades unless to liquidate existing positions.

**Go2Guy** · 10-31-2011, 09:15 PM

Originally Posted by balken

Commodities. Brokers using MF Global as their clearing firm were not able to execute trades unless to liquidate existing positions.

Do you think Gold & Copper will be weak as a result?

I just initiated some ETF positions as they broke out last week.

**Wesley** · 10-31-2011, 09:22 PM

Originally Posted by Go2Guy

Folks; this is what the Occupy Wall Streeters need to be protesting; and I'm pi**ed off enough to join them.

Poorly regulated Hedge Fund Managers taking other people's money and using it like a drunk at the Vegas Crap Tables.

Whether it's Fannie / Freddie and the mortgage industry; and Goldman Sachs with their Credit Default Swaps and now this crap, these Financial Managers are killing Capitalism and the American Economy. Damn them all

Jon Corzine went down in flames today.

**balken** · 10-31-2011, 09:24 PM

Originally Posted by Go2Guy

Do you think Gold & Copper will be weak as a result?

I just initiated some ETF positions as they broke out last week.

CME has suspended their floor privileges and that will not change. Sounds like brokers may be able to move existing accounts to another clearing firm as early as tomorrow, but nothing is certain. It will be interesting because you may be able to move positions but not funds so accounts will have to be recapitalized for margin.

As for metals, I have no idea what percent of trades they clear or how it will affect the market, but if the trade is thin as a result you would expect an increase in volatility. This is all speculation at this point, however.

**Cyclonepride** · 10-31-2011, 09:41 PM

Originally Posted by geburgess

For those who don't know: Regulators Investigating MF Global for Missing Money - NYTimes.com

This looks to be nasty... Can't just make ~$700 million disappear.

There's about $1.2 quadrillion (estimated) sitting around off the books that could disappear just as easily.

**MilehighClone** · 11-01-2011, 10:31 AM

This article sums up the present situation nicely. It's amazing to me how much leverage these guys are still allowed to put on. Look out below. U.S. Banks Sell More Insurance on Europe Debt - Bloomberg