Money and Finance
- The Last Days Of Mf Global
The collapse of MF Global in October 2011 was a remarkably powerful event: It destroyed the reputation of a famous man; it elevated a firm that no one had ever heard of to infamy; and it shattered public trust in the belief that brokerage customers'...
- After A Delay, Mf Global’s Missing Money Is Traced
Investigators have determined what happened to nearly all of the customer money that disappeared from MF Global around the time of its bankruptcy last Oct. 31, but have not publicly disclosed their progress, fearing that doing so might cripple efforts...
- Mf Global Client Money Feared Gone
Nearly three months after MF Global Holdings collapsed, officials hunting for an estimated $1.2 billion in missing customer money increasingly believe that much of it might never be recovered, according to people familiar with the investigation. As the...
- Revisiting Rehypothecation
From the Naked Capitalism blog:We’ve been loath to comment on a Thomson Reuters article that claimed that rehypothecation of assets in customer accounts was the reason MF Global customer funds went missing. The reason we’ve stayed away from this debate...
- Too Much Of A Good Thing
The risks created by complicating a simple idea ANY industry would be proud of an average annual growth rate of 34% over ten years and of a global reach from Austria to Taiwan. But the headlong expansion of exchange-traded funds (ETFs), which by May this...
Money and Finance
MF Global redux as regulator says PFGBest client funds missing
Less than nine months after MF Global's collapse sent shockwaves through U.S. futures brokerages, news that more than half the customer funds at Iowa-based PFGBest are missing is threatening to shatter the fragile confidence in the industry.
PFGBest on Monday told its foreign exchange and commodities customers that their accounts had been frozen after an apparent suicide attempt by its chairman. A few hours later, an industry body said about $220 million in customer funds were not in the brokerage's bank accounts.
While PFGBest was less than one-tenth the size of MF Global, the fallout may be larger. If the National Futures Association's report on the missing funds proves accurate, questions about the safety of the brokerage model and whether regulators have again been found wanting are inevitable.
- The Last Days Of Mf Global
The collapse of MF Global in October 2011 was a remarkably powerful event: It destroyed the reputation of a famous man; it elevated a firm that no one had ever heard of to infamy; and it shattered public trust in the belief that brokerage customers'...
- After A Delay, Mf Global’s Missing Money Is Traced
Investigators have determined what happened to nearly all of the customer money that disappeared from MF Global around the time of its bankruptcy last Oct. 31, but have not publicly disclosed their progress, fearing that doing so might cripple efforts...
- Mf Global Client Money Feared Gone
Nearly three months after MF Global Holdings collapsed, officials hunting for an estimated $1.2 billion in missing customer money increasingly believe that much of it might never be recovered, according to people familiar with the investigation. As the...
- Revisiting Rehypothecation
From the Naked Capitalism blog:We’ve been loath to comment on a Thomson Reuters article that claimed that rehypothecation of assets in customer accounts was the reason MF Global customer funds went missing. The reason we’ve stayed away from this debate...
- Too Much Of A Good Thing
The risks created by complicating a simple idea ANY industry would be proud of an average annual growth rate of 34% over ten years and of a global reach from Austria to Taiwan. But the headlong expansion of exchange-traded funds (ETFs), which by May this...