I just read that possibly $200 million of client segregated funds from MF Global showed up at JP Morgan UK. It will be interesting to see if there will be another hocus pocus. The money is there and now it is not. We were in this story in the beginning of the MF Global bankruptcy. I do not understand how reporters would say that JP Morgan has the money only to retract it. I would believe they had to be very certain it was truly there otherwise they would not have written about it.
Reuters just ran this piece. Shouldn’t this be another reason that the Judge Martin Glenn gets to the bottom of the potential conflict of interests with the Trustee James Giddens? In his own statement James Giddens stated ” Close cooperation”! What else has he been cooperating with JP Morgan?
About $200 million in customer funds missing at MF Global may have surfaced at JP Morgan Chase in Britain, the New York Times said, citing people briefed on the matter.
During MF Global’s last days, it overdrew an account at JPMorgan, the newspaper said, citing a person close to the matter. MF Global transferred roughly $200 million in the days before the firm filed for bankruptcy, the paper reported.
MF Global filed for Chapter 11 protection on October 31 after the New York-based company revealed it had made a $6.3 billion bet on European sovereign debt, spooking investors.
Regulators are trying to determine what happened to the missing money and whether MF Global may have improperly mixed customer funds with its own, a violation of industry rules. The total shortfall at the brokerage is estimated to be just under $1 billion.
Officials with MF Global and JP Morgan could not immediately be reached for comment by Reuters outside regular U.S. business hours. A representative for MF Global trustee, James Giddens, was not available either.
Andrew Abraham
Abraham Investment Management
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