Streetwise Professor

December 20, 2011

I Think I’ve Found the Money

Filed under: Commodities,Derivatives,Financial Crisis II,Politics — The Professor @ 1:36 pm

Reports suggest that some of the MF Global customer funds may have made their way to MF’s UK subsidiary.  In which case, I found it, and right around the block no less!

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  1. Didn’t know GMC made trucks that big – or maybe it all went into buying That 250K extended warranty?

    Comment by Sotos — December 21, 2011 @ 6:38 am

  2. Need a big truck to hold all that money 🙂

    The ProfessorComment by The Professor — December 21, 2011 @ 3:01 pm

  3. Hi professor,
    Could you write an article explaining how the Repo to Maturity trade of MGFI Inc worked? How was it kept off balance sheet when there were movements of funds to MFG UK to pay margins?
    KPMG, the administrator of MF Global UK, in its website explained that while MFGI was the principal of the RTM trade, MFG UK was the intermediary in the RTM trades and was responsible to pay margins to the RTM counterparies, which in turn would be collected from MFG Inc.
    Why did MFG Inc. not enter into the RTM trade directly i.e. without involving MFG Global. And what role did MFG UK play in all this? Why did it assume responsibility to pay margin when MFGI Inc was the principal?
    Would appreciate your inputs into the same.
    Also, wanted to ask you why there is so much skepticism about recovery of funds lying in the respective omnibus accounts of MFG Inc and MFG UK? Arent funds in omnibus accounts kept seperate from estate funds, and hence easily identifiable?

    Comment by andrewtanner — December 23, 2011 @ 1:20 am

  4. correction..”why did MFG Inc.not enter into the RTM trade directly i.e. without involving MFG UK” (not MFG Global)

    Comment by andrewtanner — December 23, 2011 @ 1:22 am

  5. More appropo per commenter #3, given the U.S. government’s enormous resources and tracking of damn near all financial transactions and electronic communications, how can they take Corzine seriously when he says he has no idea where the money went? NSA knows where the money went as do their British counterparts in the UK.

    Comment by Mr. X — December 28, 2011 @ 9:01 pm

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    Pingback by Craig found the MF Global money | The OTC Space — August 4, 2013 @ 8:29 am

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