Customer funds missing from bankrupt brokerage MF Global Inc. have been located in a custodial account at JPMorgan Chase & Co. (JPM), according to two people with knowledge of the matter. An MF Global custodial account at JPMorgan contained about $658.8 million of client funds as of Oct. 31, according to one of the people, who declined to be identified because they werenât authorized to speak publicly. MF Globalâs customer funds had a shortfall of $633 million, or more than 11 percent, out of a segregated fund requirement of about $5.4 billion, regulators said yesterday. To contact the reporter on this story: Cristina Alesci in New York at calesci2@bloomberg.net Matthew Leising in New York at mleising@bloomberg.net That´s hopefully good news for a lot of traders.
Did Jamie Dimon Just Stop Jon Corzine From Going To Jail? "Ignore the fact that MF admitted it had commingled and abused client funds. After all, the big boys take care of their own. And what is $660 million to JPM? Here's what - less than the taxpayer money profit the bank makes on one POMO." http://www.zerohedge.com/news/did-jamie-dimon-just-stop-jon-corzine-going-jail
LOL. Another conspiracy theory from zerohedge after their initial articles have been completely blown out of the water Jefferies net exposure to PIIG debt via CDS and unworthy credit counterparties - WRONG MF Global stealing money - WRONG JPM short 100 quadrillion billion ounces of silver - WRONG CME going to default after silver longs ask for delivery - WRONG Wikileaks going to destroy a US Bank - WRONG BAC shutting down their online site to stem bank transfers - WRONG These guys at zerohedge are complete shills
Clearly the commentary in the peice was joking speculation. Anyone taking trades based on an internet blog is a fool.
Hmm . . 2:51pm, the headline when clicking the ZH link above: Update: JPMORGAN SAYS IT DOESN'T HAVE MF GLOBAL MISSING MONEY._ Ok, now we need to check with JT Marlin