MF Globals Holdings Ltd (MF)

Re: MF Globals Holdings Ltd (MF)

Postby iam802 » Tue Nov 01, 2011 1:35 pm

If it can happens at head office...surely there is a HIGH RISK that it can also happen here.

SGX and/or MAS better start working on it.
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Re: MF Globals Holdings Ltd (MF)

Postby winston » Tue Nov 01, 2011 1:44 pm

What this episode confirmed to me:

Their CEO is supposed to be a Master of the Universe (ex CEO of GS ).

So how come this company went under ?

Same person, just different company.

That means too much weighting is given to so called "Leaders".

This also applies to countries whose leaders thinks that the country progressed only because of their so called leadership....
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: MF Globals Holdings Ltd (MF)

Postby Musicwhiz » Tue Nov 01, 2011 2:01 pm

winston wrote:What this episode confirmed to me:

This guy is supposed to be a Master of the Universe (ex CEO of GS ).

So how come this company went under ?

Same person, just different company.

That means too much weighting is given to so called "Leaders".

This also applies to countries whose leaders thinks that the country progressed only because of their so called leadership....


Greed and leverage - a deadly combination! :roll:
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Re: MF Globals Holdings Ltd (MF)

Postby tonylim » Tue Nov 01, 2011 7:22 pm

Just wonder what will happen to their clients' monies ?
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Re: MF Globals Holdings Ltd (MF)

Postby kennynah » Tue Nov 01, 2011 7:28 pm

gone lor....
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Re: MF Globals Holdings Ltd (MF)

Postby winston » Tue Nov 01, 2011 8:39 pm

US$700m of client's money unaccounted for ??
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: MF Globals Holdings Ltd (MF)

Postby iam802 » Tue Nov 01, 2011 8:51 pm

MF Global S'pore appoints KPMG as provisional liquidators

http://www.channelnewsasia.com/stories/ ... 10/1/.html

..
MAS said that the provisional liquidation is intended to safeguard the interest of customers and achieve equitable treatment for all creditors after the brokerage filed for bankruptcy in the United States.
..

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Re: MF Globals Holdings Ltd (MF)

Postby iam802 » Wed Nov 02, 2011 11:17 am

Reading through various news on MF. It is clear that risk management killed them.

At the heart of it is their bets. European debts in Belgium, Italy, Spain, Portual, Ireland.

From what I can gather, these bets took place after Corzine arrived around March 2010.

A search through the Archives in the forum, suggest that the news for European debt (PIIGS) have already went mainstream.

Clearly, this suggest that he was betting that the 'bailouts' will a demand for the debt.

Unfortunately, that did not happen. In fact, Greece has been talking about austerity measures since March 2010 and it is still not resolve.

There's more to go with the rest of the PIIGS. Expecting a volatile 2012.
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Re: MF Globals Holdings Ltd (MF)

Postby iam802 » Wed Nov 02, 2011 11:37 am

Heard on the radio. Think the quote is from one of the investigators:

MF Global books are like an onion. Each layer makes you cry.
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Re: MF Globals Holdings Ltd (MF)

Postby iam802 » Thu Nov 03, 2011 9:20 am

Just gossip on Corzine while he was at GS

http://www.bloomberg.com/news/2011-11-0 ... cohan.html

Corzine was the firm’s golden boy. But just after those earnings were paid out as partner bonuses, the trading environment in 1994 turned decidedly sour. In that year, the firm started losing almost $150 million every month and Corzine refused to give up on his trades --another wrong-headed bet on interest rates. In the end, the firm barely broke even in 1994, and some 40 partners left the company as they watched their capital accounts dwindle. Somehow, Corzine wasn’t held accountable.

In September 1994, despite the huge trading losses for which his fixed-income group was responsible, Corzine’s partners selected him to be the firm’s new senior partner. In 1995, the year after the worst annual performance in Goldman Sachs’s history, he exhorted his partners to try to make $10 billion in pretax income during the next five years. After first snickering at this goal, his partners accomplished it -- and more -- making the firm’s May 1999 initial public offering both inevitable and a huge success. By then, though, Corzine’s unilateral efforts to merge Goldman Sachs with a variety of other Wall Street titans - - from Salomon Brothers to JPMorgan to Mellon Bank -- had so alienated his partners that they colluded to oust him. He said he never saw it coming.

1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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