MF Global Files For Bankruptcy: Report

NEW YORK (Reuters) - MF Global Holdings Ltd filed for Chapter 11 bankruptcy protection on Monday, court records show.

The filing came after talks to sell a variety of assets to Interactive Brokers Group Inc broke down earlier Monday, a person familiar with the matter said.

MF Global Finance USA Inc also filed for Chapter 11 protection. Both MF Global entities filed for protection from creditors with the U.S. bankruptcy court in Manhattan.

(Reporting by Nick Brown and Jonathan Stempel in New York, editing by Gerald E. McCormick)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Comments

[Past Due]

02:01 PM on 11/01/2011

What is not being reported is that one of the creditors is CNBC, for almost $ 1M. Funny how up to a week ago CNBC kept telling people what a great company MF is.........

[zaboha99]

01:28 PM on 11/01/2011

I'm betting the occupy crowd and their friends marched on his house to protest his stealing from the people in this and the Goldman debacle, nope, I didn't think so.

[Pretrib]

12:46 PM on 11/01/2011

Thank you Chris Christy for getting this guy our of the public sector. He is not missed!

[PandJonB]

11:36 AM on 11/01/2011

Time to go to jail. Say hello to Bernie for us!

[tobadgop]

08:20 AM on 11/01/2011

Hedge Funds, and super computer trading by them and all the Banks need to go away.

[shooter486]

12:21 PM on 11/01/2011

"Hedge Funds, and super computer trading by them and all the Banks need to go away."

I think making basic finance a mandatory class in school would solve these igorance issues.

[castlemike]

03:20 AM on 11/01/2011

http://dealbook.nytimes.com/2011/10/31/regulators-investigating-mf-global/

Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday.

The discovery that money could not be located might simply reflect sloppy internal controls at MF Global. It is still unclear where the money went. At first, as much as $950 million was believed to be missing, but as the firm sorted through its bankruptcy, that figure fell to less than $700 million by late Monday, the people briefed on the matter said. Additional funds are expected to trickle in over the coming days.

But the investigation, which is in its earliest stages, may uncover something more intentional and troubling.

In any case, what led to the unaccounted-for cash could violate a tenet of Wall Street regulation: Customers’ funds must be kept separate from company money. One of the basic duties of any brokerage firm is to keep track of customer accounts on a daily basis.

Neither MF Global nor Mr. Corzine has been accused of any wrongdoing. Lawyers for MF Global did not respond to requests for comment.

[shooter486]

12:22 PM on 11/01/2011

"Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing..."

Then...

"Neither MF Global nor Mr. Corzine has been accused of any wrongdoing"

Hmm...

[drbob601]

03:18 AM on 11/01/2011

I just read on the NYT website that "hundreds of millions of dollars of clients money went missing."
I'm guessing that was just Jon Corzine's severance "bonus". After all, he's a CEO...so he "earned" it.

The NYT...why are those liberals so envious of hard-working, job-creating rich people? It's shameful.

[softcement]

01:04 AM on 11/01/2011

No seat belts and now this. It makes sense. A lot of risk taking. How would you describe Corzine?

[NessEliot1932]

12:04 AM on 11/01/2011

The FDIC has now agreed to protect B of A $78.4 TRILLION IN T0X1C WASTE so how can they stop BANK RUNS - THIER PRIMARY DUTY?

THIS BANKSTER BRIBED GOVERNMENT (Rs and Ds) will do anything to save the CRIMINALS FRAUD METHODS at the expense of the PE0PLE of the W0RLD!

[NessEliot1932]

12:12 AM on 11/01/2011

$78.4 TRILLION IS 5+ TIMES THE US NATIONAL DEBT!

[imusintheevening]

08:05 AM on 11/01/2011

Just an observation,

The entire world economy is about $63 trillion, so the number you mention, $78.4 trillion represents the NOTIONAL value, not cash value. A big difference people should understand when big numbers are being thrown around.

[Past Due]

02:04 PM on 11/01/2011

add JP Morgan to the list

[shooter486]

12:22 PM on 11/01/2011

"The FDIC has now agreed to protect B of A $78.4 TRILLION IN T0X1C (sic) WASTE "

What is the funded balance of the FDIC?

[NessEliot1932]

11:26 PM on 10/31/2011

"It was stopped from doing new business with the New York Fed until it shows it’s able to fulfill its responsibi­lities as a primary dealer, according to a statement on the regulator’­s website."

- CAROLAB

[NessEliot1932]

11:24 PM on 10/31/2011

Vatican calls for CENTRAL W0RLD BANK RUN BY T0NY BLAIRE’S UN1TED NATIONS!

P0PE IS SAYING - WAIT A MINUTE “G0D’S W0RK BLANKF1EN" I’VE GOT THE BIG HAT AND THE BIG M0NEY!

[NessEliot1932]

11:59 PM on 10/31/2011

THE Z0MB1ES ARE GROWING THE FRAUD TO GRIND OUT MORE BONUSES!

PACKAGING AND REPACKAGING THE SAME W0RTHLESS JU.NK 0VER AND 0VER TO MAXIMIZE THE SIZE OF THEIR WALLETS!

Z0MB1E BANKSTER_A M T HIDDEN ENR0N-STYLE_ Increase in 6 Months
 
JPM CH.ASE $79.0 TRILLION +$0.3 Trillion +0.3% FRAUD
B of A $78.4 TRILLION +$10.2 Trillion in 6 Mos. +15.0% FRAUD
G0LDMAN $53.4 TRILLION + $4.7 Trillion in 6 Mos. +9.7% FRAUD
C1T1GR0UP $55.1 TRILLION + $7.9 Trillion in 6 Mos. +16.7% FRAUD
M0RGAN STA.NLEY $56.4 TRILLION + $14.3 Trillion  in 6 Mos. +34% FRAUD

THIS IS SO OUT OF CONTROL - IT MUST BE STOPPED!

M0RGAN STA.NLEY GREW THEIR FRAUD BY 34% in SIX MONTHS!

[iam99]

05:10 AM on 11/01/2011

Terminate all fraud-based debts!

[shooter486]

12:25 PM on 11/01/2011

"CENTRAL W0RLD BANK RUN BY T0NY BLAIRE’S UN1TED NATIONS! "

The World bank is not UN, and its not Blaire's.

LOL.

[NessEliot1932]

10:38 PM on 10/31/2011

When Germany actually requires BANKSTER HAIR CUTS you know the END IS NEAR!

[NessEliot1932]

10:30 PM on 10/31/2011

THE COLLAPSE BEGINS - THE THUMB IN THE D Y K E IS NOT WORKING!

[HamletsMill]

11:07 PM on 10/31/2011

Yep.

BANK OF AMERICA AND THEIR MERRILL LYNCH DERIVATIVES
(A Ticking Time Bomb Despite the Smoke and Mirrors...it is only a matter of time...)

REGGIE MIDDLETON PART 1
http://www.youtube.com/watch?v=wfKbwofLsEo

REGGIE MIDDLETON PART 2
http://www.youtube.com/watch?v=dofV-rCps_8

The coming Credit Default Swaps Nuclear Detonation of the Soverign Debt of the PIIGS Nations will be the collapse of the Vienna Credit-Anstalt Bank on May 11, 1931 that was the second shoe that dropped starting the run on banks that triggered the real start of the Great Depression.

We are the greatest nation if sheep and idiots in all of human history. Just appalling!

[NessEliot1932]

11:33 PM on 10/31/2011

Thanks Hamlets for your insights and links!

[shooter486]

12:26 PM on 11/01/2011

"We are the greatest nation if sheep and idiots in all of human history."

Personal guilt?

[Wendy Davis]

08:28 PM on 10/31/2011

The New York Times Monday, October 31, 2011 -- 7:29 PM EDT ----- MF Global Under Investigation for Missing Money Federal regulators have discovered that hundreds of millions of dollars in customer money have gone missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter. The revelation of the missing money scuttled an 11th hour deal for MF Global to sell a major part of itself to a rival brokerage firm. MF Global, the powerhouse commodities brokerage run by Jon S. Corzine, had staked its survival on completing the deal. Now, the investigation threatens to tarnish the reputation of Mr. Corzine, the former New Jersey Governor and Goldman Sachs chief who oversaw MF Global’s demise, making it the first American victim of Europe’s debt crisis. Read More: http://www.nytimes.com/?emc=na About This E-Mail You received this message because you are signed up to receive breaking news alerts from NYTimes.com. To unsubscribe, change your e-mail address or to sign up for daily headlines or other newsletters, go to: http://www.nytimes.com/email NYTimes.com 620 Eighth Ave. New York, NY 10018 Copyright 2011 The New York Times Company

[NessEliot1932]

10:57 PM on 10/31/2011

This is a symptom of what is to come!

[shooter486]

12:26 PM on 11/01/2011

Wow, could you be any more vague?

[lucy88lucy]

08:25 PM on 10/31/2011

Another democrat hosing everyone. Hey let's raise taxes :-)

[dfinch]

08:30 PM on 10/31/2011

An Obama crony.

[shooter486]

12:26 PM on 11/01/2011

Didn't he bankrupt NJ?