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.
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Dooley (45) was a commodities trader for MF Global in February 2008 when he placed a wrong-way trade on wheat.
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On a side note, keep in mind that MF Global had credit facilities in place with JPMorgan.
The bank held MF Global funds in several accounts and also processed the firm's securities trades.
Some of their meetings included MF Global employees in risk management, treasury and finance.
WSJ: Corzine Rebuffed Internal Warnings on Risks at MF Global
Corzine, a former Democratic U.S. senator and governor of New Jersey, stepped down as MF Global CEO in November 2011.
On Tuesday, his trading firm was setting up accounts with new clearing firms but still had six figures tied up in MF Global.
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First it was MF Global back in October.
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In a statement responding to initial findings from the report, the Corzine camp reiterated his denials of any improprieties and stressed that MF Global was in bad shape already when he took control.
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At a more substantive level, there has already been intelligent commentary on what MF Global means in terms of the real role and efficacy of market regulation, and the purportedly uncoordinated roles of the various agencies.
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In the MF Global case, auditor PwC has been sued for its alleged negligence and breach of contract in not performing its duties by some Montana farmers and by customers acting on behalf of the bankruptcy trustee.
Thereafter, he held elected offices until he joined MF Global Inc. in March 2010.
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He goes on to argue that MF Global was hardly in great shape when he came on board.
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The good news in the MF Global failure is that most of the missing customer funds have been recovered.
The organization is backed by some very experienced lawyers and over 7, 000 MF customers have joined in under two weeks.
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The trustee in the MF Global case filed a 174-page report outlining his investigation into the failure of MF Global.
Attain dodged the Jon Corzine MF Global bullet back in October.
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Now the New York Times is reporting that the Feds are unlikely to bring a criminal case against anyone involved in the MF Global blowout.
The New York Times reports that prosecutors are dropping their criminal investigation against Corzine and top executives there for their role in the MF Global catastrophe.
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In the wake of late Oct. 2011 collapse of brokerage MF Global as the debt crisis in Europe escalated, some investors and independent rating agencies were all but ready to write Jefferies off.
In the mean time, MF Global will pay a dividend of 6% per year in cash or common shares on the preferred securities.
In March, MF started assessing its cost base, which includes the firm's compensation structure.
In addition, MF Global has no exposure to subprime mortgage-backed securities that have been the root cause of the current market environment.
The defenders of the Volcker rule point out that trading in foreign sovereign bonds played a central role in bringing down MF Global Holdings Ltd.
Critics also have dismissed Mr. Lawsky's actions as being out of step with a postcrisis regulatory spirit of cooperation: global regulators working together, coordinating, sharing information, That school of thought is off to a shaky start given the finger pointing in scandals involving MF Global Holdings Ltd.
In theory, these bets promised large profits at little risk: MF Global revealed the basic components of its European bet in May, prompting no evident concern in markets.
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