MF Global Rankings on Select Exchanges by Trade Volume (Fiscal Year 2011) COMEX #1 NYMEX #1 SFE #1 CME #2 CBOT #3 ICE Futures #3 SGX #4 Liffe #4 Eurex #14
Given that Corzine was trying to create a mini-Goldman, should we be "worried" about Goldman? Is the collapse of MF just a taste of what is ahead of us?
Rumors are very bad w.r.t. MFG's client accounts. Hearing the firm lost more than $400MM today on marks.
@zerohedge "One thing is certain: In the case of the 99% against Jon Corzine, justice will be swerved"
And much of it low-quality business. MF was a "price cheater" in the clearing space. Many of its customers are penny-pinchers who won't be warmly welcomed by the other big clearing firms.
Very curious which counter-parties called for more collateral. Apparently a lot of the repo volume is cleared through LCH Clearnet...maybe this will soon surface? And was the collateral call in good-faith? Could be juicy twist #17 of the story. Not familiar with repo market, but after looking into the mechanics of this trade and cutting the intellectual-masturbation down to size, is it really anything other than a levered prop bet disguised as a low-risk liquidity trade? The R:R seems so weak @ such leverage and faith in floating collateral counter-party. "Looks low-risk on paper" my ass when you take into account counter-party and financing toxic underlying bonds (someone has to be long to own?). Furthermore, how exactly does one get this past shareholders/board? Perhaps within a firm that fails to segregate client funds? Good work Corzine, get hit by a bus.
I love that. Of COURSE, he's an....ATTORNEY. Only you and me are ever "served". John is "swerved". Scum bag.