Posted on 11/04/2011 2:45:59 PM PDT by Driftwood1
Bankrupt brokerage firm MF Global, which is missing some $600 million in customer funds, recently discovered that about $659 million of its customer segregated accounts resided in an account at banking heavyweight JPMorgan Chase (JPM: 33.78, -0.60, -1.73%), according to The Wall Street Journal.
However, it’s unclear whether the money MF Global found out was at JPMorgan is directly tied to the customer funds that regulators have been searching for since the New York-based company filed for bankruptcy on Monday, the Journal reported on its website.
For its part, JPMorgan plans to say this “isn’t the missing money,” a source told FOX Business’s Charlie Gasparino.
(Excerpt) Read more at foxbusiness.com ...
Under who’s name??
Okaaaay.....
I still can’t believe the slapdash way that both MFG and JEF can’t get their stories straight and keep issuing clarifications and updates.
One lesson from all of this is a reminder to never, never, ever put all your money into one institution.
...And never give you money to anything having to do with Corslime.
Sing the Chorus “Someonesszz goinggn to prissssonnnn!!!”
Hey, that money is mine. Dick Obama said he wanted to spread the wealth and he told me I could have it. If he denies he said it, he’s harassing me! And he’s discriminating. My attorney, Mr. Joel Bennett, is going to make sure I get my money.
Mr. Bennett will work to ensure that you share your wealth with him, also.
The question isn’t whether JP Morgan has the money, but under what pretenses it was given to them (assuming of course that they have it). If it was given as collateral for bond positions, well, it was segregated funds that MF Global had no right to give. I don’t know what happens if that’s the case, but bankruptcy proceedings and criminal investigation of MF Global are a good place to start.
I’m guessing they got a really nice toaster for opening that account.
JPM pockets more than $650m in taxpayer funds during each POMO. Someone is saving Corzine's A$$ and they think we are just stupid.
I could easily believe that JPM was holding the bag on the Italian debt that Corzione went all in on. Once the spreads get crushed, naturally they are going to call the margin or just secure it from ANY funds deposited at the bank. JPM wasn't going to take a hit on $1.5b. So, either Dimon needs to go to jail for illegally laying claim to funds in client accounts, or Corzine didn't maintain seperate accounts and comingled from the word go in order to get into the REPO trade in Europe - in which case he is a dirtbag and needs to go to jail. One way or another, one of these guys needs to go to jail. Hmmmmmm I wont hold my breath - if it came down to it, uncle Benny could just slide some freshly printed bills to cover someone's backside. This whole damn thing stinks.
Who is MORE important? Some clients at MF Global or JPM? Redistribution of wealth, again.
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