MF Global timeline
Via Zero Hedge:
In order to get to the bottom of every collapse (or death), a forensic analysis of the last minutes of any transition from life to death has to be perormed. So far, we have only had broad strokes of the key events in the last days of MF Global as obviously many of them will implicate the management team in gross criminal behavior. Until now, when courtesy of the CME we have received a full breakdown of every key events in the chronology of MF Global's last days on earth, starting with October 24, and the rating agency downgrade of the futures broker (the same catalyst incidentally that started the AIG death spiral waterfall... and yet clueless pundits will tell you the ratings are totally irrelevant), and ending with the firm's filing for bankruptcy protection. Anyone who has any interest in the MF Global collapse, which incidentally should be anyone who has capital in third party possession and thus has counterparty risk, should read this narrative from first to last bullet.
- 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...
- The Systemic Risk Revealed By Mf Global’s Collapse - By Barry Ritholtz
Watching the MF Global saga unfold, I had to wonder: “How was it possible for a broker dealer to tap segregated client monies to speculate in risky assets and lose billions?” MF Global’s story, as you will soon understand it, raises serious concerns...
- Us Downgrade Heralds A New Financial Era - By Mohamed El-erian
There will be endless debate on whether S&P, the rating agency, was justified in stripping America of its AAA rating and — adding insult to injury — even attaching a negative outlook to the new AA+ rating. But this historic action has now taken...