Chillin' out till it needs to be funded
Jon Corzine led MF Global was blamed for misappropriating and using clients’ monies for their own trading. Till now $600 mln was supposedly missing from client accounts after a good $900 mln was discovered more than aweek after no client monies were found in frozen accounts. According to the MF Global Trustee for the investors now $1.6 bln is required to at least level client accouns to 60% of the required money levels in client accounts (WSJ reports)
While NYSE revoked MF Global’s PD status, even the Fed was questioned on its spioonsorship/verification of MF Global dfor a Primary Dealer License. Most banks associated with selling MF Global accounts to investors have been sued by two US based pension funds yesterday including JPM and GS securities divisions and Jefferies & Co that was rumored to be on the brin k when MF global broke out with hidden European sovereign positions and losses just last month.
Other commodities houses ‘ ambitions have definitely been put paid, whence lcoser monitoring of client accounts and trading is just not possible even as Voclker steps forward with up to 17 rules verified and reported for each trade include HFT segmens