MF Global now estimates $1.6 Billion missing

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MF Global now estimates $1.6 Billion missing

Post by Ad Orientem » Fri Feb 10, 2012 7:08 pm

MF Global commodity customers whose cash vanished when the firm collapsed last year are owed $1.6 billion – up significantly from previous estimates — the trustee tasked with recovering the money said on Friday.

The revised figure reflects growing concerns that the trustee cannot claw back $700 million in customer money trapped overseas. Until now, the trustee did not include the $700 million when projecting the shortfall, hoping to avoid a battle with MF Global’s British arm, where the money is held.

But now the trustee, James W. Giddens, has acknowledged that he is making little headway in recovering the cash from KPMG, the court-appointed administrator for MF Global’s British subsidiary. That money, Mr. Giddens said, was held for American clients who traded on foreign exchanges.
Read the rest here.

This just keeps getting better.
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Re: MF Global now estimates $1.6 Billion missing

Post by dualstow » Fri Feb 10, 2012 7:22 pm

Maybe Corzine should go back to not wearing seatbelts.
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Re: MF Global now estimates $1.6 Billion missing

Post by stone » Mon Mar 12, 2012 1:50 pm

from: http://prudent-speculation.blogspot.com ... -cess.html
An Open Letter to Jamie Dimon

    “People fall not from their weaknesses, but from their strengths gone to excess.”?- Aeschylus

Dear Mr. Dimon,

I used to be one of your biggest fans. Back when I was 17 years old working at a Salomon Smith Barney branch in Ft. Lauderdale, you were fired from Citigroup when everyone had you pegged as the heir to Sandy Weill’s burgeoning empire. Everyone at the branch was shocked, as we all knew you by reputation as a brilliant CEO-in-the-making, and frankly, most of us were disappointed as we genuinely were all looking forward to working under your leadership one day.

While your ousting was unexpected, you recovered quickly, and perhaps it helped motivate you to accomplish great things in the financial industry. You came to the CEO post at Bank One, then engineered its acquisition by JPMorgan Chase and took the CEO prize for yourself. All the while, Citi floundered, and you led JPMorgan Chase to become the premier American bank. Under your stewardship, Chase eschewed most of the sub-prime crisis and snapped up some of the choicest prizes in the ensuing crisis, namely Bear Stearns and Washington Mutual. Well done, sir.

Personally, I was proud to be a JPMorgan customer and proudly listed in our offering documents that our firm’s operational capital was safely held with your institution. I enjoyed great relationships with both your hedge fund/commercial banking division and your newly resurgent futures prime brokerage group. We were even on good terms with your private bank.

Then, the MF Global bankruptcy happened. And, I became aware of your bank’s involvement with the firm’s collapse. How the New York Times reports that JPMorgan received 325M in segregated customer funds despite the fact that JPMorgan Chase was a primary custodian for them. Then, JPMorgan Chase reportedly failed to return the funds when MF Global reported that they erroneously transferred customer assets and went a step further into “CYA”? mode by requesting a comfort letter indicating that JPMorgan Chase had not received customer funds. JPMorgan Chase reportedly did not receive this letter, yet still, it kept customers’ property.

Through my role as the co-founder of the Commodity Customer Coalition and pro bono counsel for some 8,000+ customers whose property it looks like your institution may be holding without their consent, I have loudly advocated for JPMorgan Chase to return this property. In response to this, rather than doing the right thing, you closed all of my personal and corporate bank accounts and my personal credit card. I have been told by multiple members of the media that JPMorgan Chase has called them and stated that if their media outlet has me on television again, that JPMorgan Chase will pull their advertising from the offending network.

These bully tactics have only strengthened my resolve to protect my clients whom you have knowingly wronged and continue to wrong by improperly holding their property. It has made me delve deeper into what I have found is a pattern of such malicious conduct across JPMorgan Chase’s business groups. JPMorgan Chase bribed officials in Jefferson County, Alabama, one of the poorest counties in the United States, to enter into a disastrous derivative transaction that bankrupted the county and caused an increase of 400% in sewage prices, forcing these poor people to have to choose between food and clean water. JPMorgan Chase designed an overdraft processing system that intentionally prioritized higher dollar transactions so that as many transactions as possible would overdraft, again generating usurious-like fees on the bank of those who can ill afford it. Let’s not forget about robo-signing, forging foreclosure documents, or, getting back to the futures world, failing to properly segregate customer funds.

Mr. Dimon, why do you impugn your character and reputation by allowing your firm to engage in these immoral activities? Sure, the regulators have failed to assess you any meaningful punishments that would deter you from this conduct on a strict, short-term dollars and cents analysis. Every penny of earnings counts, I get it. But, sir, you do not strike me as someone who is trying to pump your company’s stock price for a quarter or two. You are the face of JPMorgan Chase and, I would assume, you plan on being there for a while. Why intentionally destroy any and all goodwill your firm has to make additional revenue that is mostly insignificant in the short-term and, quite possibly, deleterious in the long-term? The only reason I can think of is: because you can. And, that, sir is where hubris starts.

Lately, it seems you’ve come to relish the role of antagonist, bully, and even, villain. You’ve gone on rants about tax rates, how gosh darn profitable you are going to make JPMorgan Chase, and even gone so far as to call out journalists for their share of salaries versus the revenue of news organizations. Put plainly, the confidence that enabled you to build JPMorgan Chase has now become arrogance. Mr. Dimon, I happen to have been a classics scholar and have read this story many times before. It never ends well.

While you have led your firm to a dominant position in the banking industry and record profits of late, you haven’t done it alone. You’ve had the benefit of taxpayer funds, whether you needed them or not (as you claim). You’ve had extremely favorable regulation and public policy that for years has prioritized re-capitalizing banks over the rights of Main Street Americans to be able to bear the fruit of their labor. Yet, you have begun to act like a megalomaniac, drunk on his own power ala Caligula, and attribute 100% of your success to your personal superlatives. People are starting to notice. While Occupy Wall Street has failed to articulate any clear message or goals, they have tapped into a rage in this country that is real and palpable. You have alienated many of your peers on Wall Street and in the hedge fund industry (yes, you have peers). And, now, you have alienated many members of the media that have the voices to spread the word of the ill conduct which your firm has repeatedly engaged in.

In the Niccomedean Ethics, Aristotle described the worst kind of man as the “Incontinent Man,”? namely he who knows what he does is wrong and does it anyway. I believe somewhere deep down, you realize that a lot of what you and the bank that you lead do has become increasingly wrong. Why continue to go on like that? You’re at the pinnacle of wealth and power, and continuing to do wrong will not make you meaningfully richer or more powerful. It can only serve to hurt you. “For what will it profit a main if he gains the whole world and forfeits his soul?”?

Based on all of your accomplishments, you may think you’re beyond reproach, that you will never have your comeuppance. But, there’s a reason that during Triumphs in Ancient Rome, a slave stood behind the Emperor whispering “all glory is fleeting”? in his ear. Because, it is. And, one day, something bad will happen to JPMorgan Chase. I don’t know if it will be a blow-up of the bank’s some $500 Billion in re-hypothecation exposure or a squeeze on its rumored massive short silver position. Or, if the United States will again see a regulator that believes in, and enforces, stiff punishment for misconduct by banks. But, we will all find out should you continue down the path you are on.

So, rather than continuing to corrupt your soul to harm others for negligible gain to yourself, choose a different path. Use your intelligence and your leadership abilities and your charisma to do the right thing, and set an example for the rest of the financial industry by showing that it is better for all society, JPMorgan Chase and Jamie Dimon included, to not crush those weaker or poorer than you by exacting every last cent from them just because you can. Rein in your malicious activities and focus on the legitimate ones. Be just a little humble -- and remove the target you’ve placed on your own back.

Perhaps, you can start by voluntarily returning the returning all the excess overdraft fees JPMorgan Chase overcharged average Americans through mal intent. While you’re at it, give back the hard-earned property of the farmers, ranchers, retirees, and others who were MF Global clients before I come take it back in court. JPMorgan Chase can borrow at 0% interest from the Fed. Do you really need an illicit free loan borne on the backs of farmers?

Whether you realize it or not, you’re at a crossroads. And, I promise you, one Greek to another, I will ardently help you to come to the end of whichever path you choose.

James L. Koutoulas, Esq.
President, Commodity Customer Coalition
CEO, Typhon Capital Management
"Good judgment comes from experience. Experience comes from bad judgment." - Mulla Nasrudin
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Re: MF Global now estimates $1.6 Billion missing

Post by Ad Orientem » Mon Mar 12, 2012 2:03 pm

Wow.  Just wow.  That was one damning letter.
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Re: MF Global now estimates $1.6 Billion missing

Post by Reub » Mon Mar 12, 2012 6:44 pm

I wonder why "occupy wall street" never got around to protesting in front of his house?
I remember now.....wrong political party!
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Re: MF Global now estimates $1.6 Billion missing

Post by WiseOne » Fri Jun 08, 2012 10:49 pm

This story is flat-out scary.

I didn't realize until I read this and other threads the extent of the wrongdoing during the MF Global bankruptcy.  Simply put, this sounds to me like your broker (Fidelity, Vanguard, etc) can default on cash in your account without fear of any consequences whatsoever.  Further, creditors can knowingly accept what amounts to stolen goods to satisfy debts, again with no consequences.  I wouldn't be as concerned if the investigation had anywhere near the intensity and zeal of the one into, say, Bill Clinton's extramarital affairs.  But it seems to be lackadaisical at best - effectively putting a stamp of approval on the entire scenario.

Am I reading this incorrectly?  If not, why isn't there more of an outcry about this?  And how does this not endanger the entire system of online brokerages?  It isn't only about futures trading. The implications are beyond frightening.
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Re: MF Global now estimates $1.6 Billion missing

Post by MediumTex » Fri Jun 08, 2012 11:03 pm

WiseOne wrote: This story is flat-out scary.

I didn't realize until I read this and other threads the extent of the wrongdoing during the MF Global bankruptcy.  Simply put, this sounds to me like your broker (Fidelity, Vanguard, etc) can default on cash in your account without fear of any consequences whatsoever.  Further, creditors can knowingly accept what amounts to stolen goods to satisfy debts, again with no consequences.  I wouldn't be as concerned if the investigation had anywhere near the intensity and zeal of the one into, say, Bill Clinton's extramarital affairs.  But it seems to be lackadaisical at best - effectively putting a stamp of approval on the entire scenario.

Am I reading this incorrectly?  If not, why isn't there more of an outcry about this?  And how does this not endanger the entire system of online brokerages?  It isn't only about futures trading. The implications are beyond frightening.
I wish I could say I was surprised, but since 2008 I don't recall even one high profile executive of any large financial institution being subjected to criminal charges for his role in the 2008 financial crisis, even though many of these institutions were obviously engaged in an enormous amount of shady and illegal behavior.

Corzine is well-connected and it shows.

I also wonder why the media isn't covering this story more.  Probably the same reason they aren't covering the Fukushima nuclear disaster story any more.  Sometimes the reality of a situation is too unpleasant even for compulsive liars like the news media.
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Re: MF Global now estimates $1.6 Billion missing

Post by Tyler » Sat Jun 09, 2012 1:25 am

MediumTex wrote: Corzine is well-connected and it shows.

I also wonder why the media isn't covering this story more.  
You answered your own question before you asked it.

"Corzine is still on the list of the select group of top-tier bundlers for the Obama reelection campaign."

http://articles.latimes.com/2012/apr/24 ... y-20120424
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Re: MF Global now estimates $1.6 Billion missing

Post by WiseOne » Sat Jun 09, 2012 8:22 am

I wish I could say I was surprised, but since 2008 I don't recall even one high profile executive of any large financial institution being subjected to criminal charges for his role in the 2008 financial crisis, even though many of these institutions were obviously engaged in an enormous amount of shady and illegal behavior.
It does indeed look like the financial industry is somehow immune from prosecution - it isn't just Corzine.  There has been no shortage of prominent people nailed for things that are far less important.  The media are a bunch of clowns.  They're about entertainment, not information.

This is making me consider putting as much cash and bonds as possible into Treasury Direct, and keeping a separate record of what's in there.  Whatever you might say about it, criminal misbehavior is most unlikely.  If it did happen, direct ownership of bonds would give you a better legal position from which to try to recover your money.
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Re: MF Global now estimates $1.6 Billion missing

Post by WiseOne » Sat Jun 09, 2012 10:02 am

Ah ha - there IS someone talking about this issue, if only obliquely.  This is a long Daily Show interview with Edward Conard, well worth the time:

http://www.thedailyshow.com/watch/thu-j ... view-pt--1

Parts 2 and 3 are on the website.

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Re: MF Global now estimates $1.6 Billion missing

Post by cabronjames » Sat Jun 09, 2012 5:38 pm

WiseOne wrote: This is making me consider putting as much cash and bonds as possible into Treasury Direct, and keeping a separate record of what's in there.  Whatever you might say about it, criminal misbehavior is most unlikely.  If it did happen, direct ownership of bonds would give you a better legal position from which to try to recover your money.
a few comments fyi.  iirc from reading this Forum, IRA/tax-advantaged type accounts aren't allowed in Treasury Direct (TD).  also iirc, it is cumbersome in TD to do the HBPP action of selling your T-Bond 10 yrs after purchase, when by then it only has 20 yrs left to maturity.
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Re: MF Global now estimates $1.6 Billion missing

Post by cabronjames » Sat Jun 09, 2012 5:45 pm

my vague understanding is that MF Global customers' brokerage accounts held futures/derivatives, that were not covered by SIPC, which "protects investors in certain securities from financial harm if a broker-dealer fails"
http://en.wikipedia.org/wiki/Sipc

afaict the PP type assets (that are not futures, & not leveraged ala 3X funds) at a brokerage like Vanguard/Fidelity ARE covered by SIPC, whereas for instance the gold futures pundit Gerald Celente mentioned he had at MF Global, I presume were NOT covered by SIPC.

Am I understanding this correctly?  Or could a MF Global type of theft happen even at Vanguard?
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Re: MF Global now estimates $1.6 Billion missing

Post by WiseOne » Sat Jun 09, 2012 6:05 pm

Am I understanding this correctly?  Or could a MF Global type of theft happen even at Vanguard?
I don't see why not.  Some of the accounts at MF Global held securities.  Again...the issue is not so much that this happened, but that illegal activity occurred and there is no accountability.

Yes, SIPC will cover you up to $500,000, although I'm not sure it's safe to assume that the failed broker's records are complete and accurate, or that you'll get 100% of your account paid back to you.  If a sufficiently large broker (e.g. Vanguard) failed, then everything that's been posted here regarding the value of FDIC insurance applies.
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Re: MF Global now estimates $1.6 Billion missing

Post by Ad Orientem » Sat Jun 09, 2012 6:08 pm

cabronjames wrote: my vague understanding is that MF Global customers' brokerage accounts held futures/derivatives, that were not covered by SIPC, which "protects investors in certain securities from financial harm if a broker-dealer fails"
http://en.wikipedia.org/wiki/Sipc

afaict the PP type assets (that are not futures, & not leveraged ala 3X funds) at a brokerage like Vanguard/Fidelity ARE covered by SIPC, whereas for instance the gold futures pundit Gerald Celente mentioned he had at MF Global, I presume were NOT covered by SIPC.

Am I understanding this correctly?  Or could a MF Global type of theft happen even at Vanguard?
The possibility of something going terribly wrong can never be completely eliminated. The best we can do is reduce the risk. The watchword here is prudence. Hence it is a good idea to diversify your holdings among fund families. Some even go so far as separate accounts with a different broker for each component of the PP.

I am perfectly comfortable with one broker and three fund families (Vanguard VTI, Schwab SCHO, and I Shares TLT). If things reach the point where you have to worry about everybody going under then you will likely have found yourself in Peter Schiff's or Mr. Celente's dream world and it won't really matter if you hold your bonds physically or not. They will be used for toilet paper unless they are too radioactive. In any case physical gold is your disaster insurance. Remember that in addition to safety, one of the hallmarks of the PP is supposed to be its simplicity. So don't get so carried away that you start burying your long dated bonds in a lead lined strong box next to the bunker.

Basically what I am saying is that caution is a good thing but paranoia really isn't.
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Re: MF Global now estimates $1.6 Billion missing

Post by cabronjames » Sat Jun 09, 2012 6:29 pm

the Jon Corzine is a case study to show that both factions of Obamney are Basically 2B2F Bank$ter-owned subsidiaries.

Obama's failure to indict Corzine, or at least publicly reject Corzine as a campaign contributor.

Romney's failure to at least even pretend to be outraged for this Obama's Corzine failure, & also comically saying nonsense like the ultraweak Dodd Frank "regulates financial svcs too much".

Neither Obamney faction is going to do genuine 2B2F regulation, such as bringing back the Glass–Steagall Act.
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Re: MF Global now estimates $1.6 Billion missing

Post by MediumTex » Sat Jun 09, 2012 10:46 pm

WiseOne wrote: Ah ha - there IS someone talking about this issue, if only obliquely.  This is a long Daily Show interview with Edward Conard, well worth the time:

http://www.thedailyshow.com/watch/thu-j ... view-pt--1

Parts 2 and 3 are on the website.
I am glad there is at least one real journalist left out there.

Part of the many-layered irony of Jon Stewart is that he is not a comedian trying to be a serious journalist, but rather a comedian who gets laughs by telling the truth.  The fact that so few people tell the truth about things any more is part of what makes it funny when we hear it.

I'm not the first to say it (and I believe Stewart has said it himself on many occasions), but it's pretty pathetic that a comedian is considered one of the most insightful news interviewers working today.

Jon Stewart is filling the role that Mike Wallace filled several decades ago, which is entirely appropriate in a world as silly as ours has become.

The road to political and economic truth in the U.S. has increasingly become dotted with Potemkin villages in the form of the major news outlets, all of which are basically engaged in a propaganda and slogan-fueled campaign of misinformation with the goal of providing low brow entertainment loosely based on reality.

I love the idea of evil powers sneaking into people's minds and replacing everything of real meaning with a slogan.  Once a mind has been completely overtaken by slogans, it is infinitely easier to manage for those who feel the need to control the perception of reality by the masses.

Orwell's 1984 was so prescient and insightful in so many ways.  However, one of the things that I think Orwell fundamentally misread about the course of human affairs was that it wasn't communism that was seeking to hollow out the soul of humanity (though it certainly would have liked to do that, I think), but rather large concentrations of political and economic power under any sort of political arrangement that continually seek more and more clever and subtle ways of manipulating and controlling the minds of others.

The picture of Winston Smith at the end of 1984 is actually a pretty common state of mind among many people; the difference is that most people don't resist as much as Winston Smith did prior to having their minds replaced with slogans, and thus the tragedy is less obvious.

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Re: MF Global now estimates $1.6 Billion missing

Post by WiseOne » Sun Jun 10, 2012 12:16 pm

Bingo, MT.  Beautifully laid out, as always.

A recurring theme on the Daily Show is a particular "sound-bite" echoed verbatim by many TV news anchors on different channels.  It's the equivalent of journalistic plagiarism, since they obviously copied the sound bite from a press release or echoed another journalist, without attempting to interpret the information or identify its context.  That wasn't ok in the 7th grade, but it's perfectly acceptable on CNN or FOX.
However, one of the things that I think Orwell fundamentally misread about the course of human affairs was that it wasn't communism that was seeking to hollow out the soul of humanity (though it certainly would have liked to do that, I think), but rather large concentrations of political and economic power under any sort of political arrangement that continually seek more and more clever and subtle ways of manipulating and controlling the minds of others.
The dark designs of political manipulation are certainly at work, but their success is only possible because journalists have yielded the floor.  Although some people like Medium Tex are naturally perceptive, I "woke up" to the reality of the state of US journalism during an extended time in Kenya.  The newspapers there were running on a shoestring budget and often were days late, but there was real reporting in those pages. I follow the Daily Show not only because it's hilarious and provides some news stories you won't get elsewhere, but because it stands as proof positive that journalism can still be an effective democratic force. 
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Re: MF Global now estimates $1.6 Billion missing

Post by smurff » Sat Feb 02, 2013 3:08 pm

http://www.bloomberg.com/news/2013-01-3 ... years.html

What's he wearing in his mugshot?  Is it a strait jacket or a new type of bullet proof vest?
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Re: MF Global now estimates $1.6 Billion missing

Post by Peak2Trough » Sat Feb 02, 2013 6:04 pm

MediumTex wrote:I wish I could say I was surprised, but since 2008 I don't recall even one high profile executive of any large financial institution being subjected to criminal charges for his role in the 2008 financial crisis, even though many of these institutions were obviously engaged in an enormous amount of shady and illegal behavior.
You sound like me.

I made my wife watch _Too Big to Fail_ with me one afternoon.  I had already seen it, and my comment to her was, "As you watch this and become increasingly frustrated, keep in mind that not one of these assholes  ever spent one day in jail." 

Dick Fuld, of all people, walked away with some 500M IIRC... I'm actually legitimately surprised there hasn't been a violent backlash against some of them.
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Re: MF Global now estimates $1.6 Billion missing

Post by MachineGhost » Wed Jul 08, 2015 9:51 pm

I'm shocked.  Shocked.  Corzine is such a prima donna prick, I never thought he'd own up to it.

In other banking news, Jon Corzine and other former MF Global officials have agreed to be part of a $64.5M settlement to end litigation brought by investors burnt by the 2011 collapse of the futures brokerage. The move marks the first time the former New Jersey governor agreed to pay those who lost money in MF Global, which became the eighth-largest bankruptcy in U.S. corporate history when a bet on European sovereign debt soured.
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