MF Global Said to Be in Deal Talks With Interactive Brokers

[xchrom]

http://dealbook.nytimes.com/2011/10/30/mf-global-in-deal-talks-with-interactive-brokers/

11:01 p.m. | Updated
Jon S. Corzine, whose political ambitions came to a halt nearly two years ago when he was defeated for re-election as governor of New Jersey, is running out of time to prevent his revived Wall Street career from collapsing in failure.

His firm, MF Global — a powerhouse in the world of commodities and derivatives trading but little known outside Wall Street — was working frantically toward a potential sale late on Sunday.

Those discussions, which narrowed to one bidder, Interactive Brokers, came after investors — worried that MF Global was too vulnerable to the fallout from Europe’s debt crisis — deserted the firm, making it the first American financial institution to fall victim to those sovereign debt woes.

[dkf]

1. This article is outdated.

OCTOBER 31, 2011, 6:57 PMLEGAL/REGULATORY

Regulators Investigating MF Global for Missing Money

BY BEN PROTESS, MICHAEL J. DE LA MERCED AND SUSANNE CRAIG
9:55 p.m. | Updated

Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday.

The recognition that money was missing scuttled at the 11th hour an agreement to sell a major part of MF Global to a rival brokerage firm. MF Global had staked its survival on completing the deal. Instead, the New York-based firm filed for bankruptcy on Monday.

Regulators are examining whether MF Global diverted some customer funds to support its own trades as the firm teetered on the brink of collapse.

http://dealbook.nytimes.com/2011/10/31/regulators-investigating-mf-global/

[dixiegrrrrl]

3. this new update in:

MF Global, the failed securities firm led by Jon Corzine, admitted using clients’ money as its financial troubles mounted, a federal official says.
http://news.firedoglake.com/2011/11/01/report-mf-global-admits-using-customer-funds/

Here comes Boom!

anyone here think MF is the ONLY bank using client money to meet increased margin calls because of Europe???

[Po_d Mainiac]

2. Ain't gonna happen. Too much client capital raided. "And it's gone"

And It's Gone
http://www.youtube.com/watch?v=fErOzTcWixw&feature=related