“The trustee liquidating broker- dealer MF Global Inc. said distributions of collateral in customers’ accounts are ‘dependent upon assets available and there is no assurance of a 100 percent return.’ The trustee, James Giddens, got court permission yesterday to transfer $520 million in assets to about 23,300 accounts. While planning a third transfer to include… Read more »
“Regulators hunting for about $600 million in customer money that went missing shortly before MF Global Holdings Ltd. collapsed said they are being stymied by the poor condition of the securities firm’s records. ‘Their books are a disaster,’ Scott O’Malia, a commissioner at the Commodity Futures Trading Commission, one of the regulators leading a hunt… Read more »
File under: one more example of what not to do as CEO of an investment bank. Here’s the background from a recent Business Insider article: Yesterday, 18 months after Jon Corzine took over the helm of MF Global with the goal of building it into a real investment bank, he flew the company into a… Read more »
