'MF Global Customers Target JP Morgan'

Discussion in 'Wall St. News' started by Wallace, Dec 15, 2011.

  1. by Emily Lambert, Forbes Staff
    "James Koutoulas, the lawyer and futures trader who is representing MF Global
    customers in bankruptcy court, has a message for JP Morgan Chase Chief
    Executive Jamie Dimon: explain yourself. Koutoulas says he’s extending an
    “open invitation” to the head of the country’s biggest bank to meet with him, and
    he wants Dimon to tell him face-to-face why JP Morgan should get paid before
    farmers and other individual futures customers who are out money.
    “No-one ever stands up to JP Morgan,” says Koutoulas, who seems out to
    change that. “They had a $2.75 trillion bailout from the Fed. Now they’re trying to
    get another bailout in this MF Global case over farmers who can’t buy seed and a
    single mom who can’t pay the mortgage? These guys have no shame and they’re
    now my sworn enemy.”
    . . . Koutoulas wants the merchants to pull their customer business from JP
    Morgan unless the bank publicly agrees the court should give MF Global
    customers priority until they’re made whole. Koutoulas says that he has talked
    to several FCMs and that they’re receptive to the idea." - more -
  2. Daal


    I wouldn't be surprised if they had the missing cash. They seem very conservative in their margin policies
  3. James Koutoulas, the lawyer......

    ......has a message for JP Morgan Chase Chief

    "he wants Dimon to tell him face-to-face why JP Morgan should get paid before farmers and other individual futures customers who are out money."

    **** nutmeg raising hand*****

    "I have a question for the lawyer"

    "Will the lawyers get paid first before the farmer who needs the money for the seed????"

    Oh yea one other thing, will the lawyers be paid before the bank is paid??

    Just checking ....
  4. The named lawyer is working pro bono, obviously other lawyers like the trustee are getting paid $800 or whatever an hour which is disgusting but that seems to be the going rate.
  5. ashatet


    Where do you think that 800 an hour goes?
    It supports the adult industry and expensive wine industry.

  6. Ash1972


    The Commodities Exchange Act makes it very clear that customers of bankrupt FCMs have priority over all other creditors (except those who are owed money specifically related to the administration of customer funds) in the case that customers have missing funds.
  7. Not to split hairs or anything but the guy has no standing, hence not much of a chance of getting paid/hired, so might as well act like a good guy/pro bono and fight the rightieous fight.

    On the flip side, at least someone is going to bat for the customers/
  8. LEAPup


    If that's true, and JPM is hanging onto some MFGlobal cash, this is going to get interesting.