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MF Global was a major global financial derivativesbroker. MF Global provided exchange-traded derivatives, such as futures andoptions as well as over-the-counter products such as contracts for difference(CFDs), foreign exchange and spread betting. MF Global was also a primarydealer in United States Treasury securities. On October 30, 2011, a unit of theNew York-based brokerage reported a “material shortfall” in customer funds.Customer accounts with $5.45 billion were frozen Oct. 31, the same day theparent company - MF Global Inc.- filed the eighth-largest U.S. bankruptcy. The shortfallin customer accounts may be as large as $1.2 billion, or 22%, according to thetrustee overseeing liquidation. MF Global improperly mixed customer funds andused them for its own account for at least several days before the bankruptcyand even transferred funds outside the country.The brokerage used a large number of complex andcontroversial repurchase agreements or "repos" for funding and for leveragingprofit, many off their balance sheet. In other words, MF Global STOLE from investors. This,despite the fact that MF Global was widely regarded as one of the most highlyregarded and trusted names in its line of business. The message here is that tangible assets offer investorsthe ultimate trust. When you own gold and silver coins, you own something REAL,something SOLID. Something you can keep with you and that no one can just takewithout you ever knowing it, like the crooks at MF Global did. Kiss the MF Global Money Goodbye, Sources Say
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