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The Inside Story Of What Brought Down MF Global
Started:November 2nd, 2011 (12:26 AM) by Quick Summary Views / Replies:611 / 1
Last Reply:November 2nd, 2011 (12:27 AM) Attachments:1

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The Inside Story Of What Brought Down MF Global

Old November 2nd, 2011, 12:26 AM   #1 (permalink)
Quick Summary
The Inside Story Of What Brought Down MF Global

Now that the affdavit of MF Global COO Bradley Abelow has been filed, we finally get the (partial and quite watered down) inside scoop of just what the events were that brought the company to its knees, and what specifically were the precipitating catalysts that ultimately led to the Halloween massacre. The relevant part begins with section E, paragraph 33, on page 13. "As a global financial services firm, MF Global is materially affected by conditions in the global financial markets and worldwide economic conditions. On September 1, 2011, MF Holdings announced that FINRA informed it that its regulated U.S. operating subsidiary, MFGI, was required to modify its capital treatment of certain repurchase transactions to maturity collateralized with European sovereign debt and thus increase its required net capital pursuant to SEC Rule 15c3-1. MFGI increased its required net capital to comply with FINRA’s requirement...." Read on.

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Old November 2nd, 2011, 12:27 AM   #2 (permalink)
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