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Collapse And Bankruptcy Of Mf Global
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Book Synopsis Collapse and Bankruptcy of MF Global by : Tao Zhu
Download or read book Collapse and Bankruptcy of MF Global written by Tao Zhu and published by Nova Science Publishers. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 31 October 2011, MF Global, a large brokerage firm registered with the Securities and Exchange Commission (SEC) as a broker-dealer and with the Commodity Futures Trading Commission (CFTC) as a futures commission merchant (FCM), filed for bankruptcy. It appears that the firm failed as a result of losses from investments related to European sovereign debt. Normally, brokerage customers are protected from brokerage failure. On the securities side, investors may receive up to $500,000 from the Securities Investor Protection Corporation (SIPC) if the failed brokerage's assets are insufficient to meet customer claims. In futures markets, there is no insurance scheme comparable to SIPC, but customers are supposed to be protected by strict segregation rules. In the MF Global case, however, more than $900 million in customer funds were reported missing. This book provides information about MF Global, the rules for handling of customer funds, the enforcement of those rules, and the bankruptcy proceeding.
Download or read book MONEY NOOSE written by Scott Skyrm and published by Brick Tower Press. This book was released on 2013-06-14 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: """"Skyrm makes complex financial scenarios accessible to all interested readers in an informative and entertaining manner. We can all learn something from this book."" -Thomas Peterffy, Chairman, CEO, and President of Interactive Brokers ""Skyrm put together the story of MF Global like no one else could in providing the ultimate autopsy covering destructive financial engineering that's played such a big role in our capital markets."" -Lawrence G. McDonald, New York Times best selling author of A Colossal Failure of Common Sense ""God is in the details...first come the reporters, then the lawyers. Skyrm's book is the necessary antidote. Only someone who has 'done' it can explain it. Perhaps the best 'counterfactual' rationale for reading The Money Noose: If John Corzine had been able to before, there would likely have been no after."" -Stan Jonas, Managing Partner, Axiom Management Partners In 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. MF Global was bankrupt less than a year after the law's passage. THE MONEY NOOSE is a general accounting of the facts that led to MF Global's collapse, as well as the story of the major players involved. It is a chaotic story, one in which individual actions taken in and of themselves are relatively minor. But the sum of those individual actions equal the same end result. How, then, can investors protect themselves from this outcome? The best answer is education. Investors need to be fully aware of what is involved in the investment process, and that includes an understanding of seg funds. It is, after all, their money. This book is designed to tell the story of MF Global, what went wrong and how things came to an abrupt end. In those regards, it's an incredible story. Scott E.D. Skyrm is one of the leading figures in the repo and securities finance markets today, and regularly quoted in The Wall Street Journal, The Financial Times, Bloomberg News Service, Reuters, Market News, and Dow Jones. He is highly regarded as a former salesman, trader, trading desk manager, and global business head in fixed-income, securities finance, and securities clearing and settlement. He recently left Newedge, where he was their ""Global Head of Repo, Money Markets, and Fixed Income Clearing."" He now is writing commentaries on the repo market, the short-end of the Treasury market, Federal Reserve policy and general Wall Street topics. He has worked on Wall Street for over 22 years and has taken billion-dollar risks on the trading floor, managed a multi-billion dollar balance sheet, and consistently ran one of the most profitable trading groups at every firm where he worked. Prior to Newedge, he managed the repo desk at ING Barings, worked summers at Shearson Lehman/American Express and started his full-time career at The Bank of Tokyo."
Book Synopsis The Money Noose: Jon Corzine and the Collapse of MF Global by : Scott E.D. Skyrm
Download or read book The Money Noose: Jon Corzine and the Collapse of MF Global written by Scott E.D. Skyrm and published by ibooks. This book was released on 2014-10-29 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Skyrm makes complex financial scenarios accessible to all interested readers in an informative and entertaining manner. We can all learn something from this book.” —Thomas Peterffy, Chairman, CEO, and President of Interactive Brokers “Skyrm put together the story of MF Global like no one else could in providing the ultimate autopsy covering destructive financial engineering that’s played such a big role in our capital markets.” —Lawrence G. McDonald, New York Times best selling author of A COLOSSAL FAILURE OF COMMON SENSE “God is in the details...first come the reporters, then the lawyers. Skyrm’s book is the necessary antidote. Only someone who has ‘done’ it can explain it. Perhaps the best ‘counterfactual’ rationale for reading The Money Noose: If John Corzine had been able to before, there would likely have been no after.” —Stan Jonas, Managing Partner, Axiom Management Partners In 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. MF Global was bankrupt less than a year after the law’s passage. THE MONEY NOOSE is a general accounting of the facts that led to MF Global’s collapse, as well as the story of the major players involved. It is a chaotic story, one in which individual actions taken in and of themselves are relatively minor. But the sum of those individual actions equal the same end result. This book is designed to tell the story of MF Global, what went wrong and how things came to an abrupt end. In those regards, it’s an incredible story.
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations Publisher : ISBN 13 : Total Pages :132 pages Book Rating :4.F/5 ( download)
Book Synopsis The Collapse of MF Global by : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations
Download or read book The Collapse of MF Global written by United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations and published by . This book was released on 2012 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Financial Collapse of MF Global by : Kenya Isurugi
Download or read book The Financial Collapse of MF Global written by Kenya Isurugi and published by . This book was released on 2014 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis discusses the causes of the bankruptcy of MF Global, which was one of the largest futures and commodity trading companies in the U.S. The first chapter is a case study. This chapter is fundamentally based on a staff report by the U.S. House of Representatives and an investigation report by Freeh, the trustee regarding MF Global's bankruptcy. The case study consists of ten components such as the company's background, the business industry, and the actual facts in temporal sequence until October 29th, which is two days before the company filed for Chapter 11. The second chapter in this thesis focuses on an analysis of several viewpoints of MF Global's business and activities, such as the company's structure and performance. In addition, the analysis includes alternatives as what the company could have done before declaring the bankruptcy and a recommendation that the company's control should have been taken over by other financial companies rather than being handled by MF Global itself. The case analysis ends with a conclusion including lessons learned, which discusses how to prevent future illegal activity such as using customer's funds and how to monitor high risk transactions internally and externally.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :74 pages Book Rating :4.:/5 (319 download)
Book Synopsis The Collapse of MF Global by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book The Collapse of MF Global written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2013 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Collapse of MF Global by : Hilary Till
Download or read book The Collapse of MF Global written by Hilary Till and published by . This book was released on 2015 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: Futures market participants were caught off-guard when MF Global, a commodity futures broker, filed for bankruptcy on October 31st, 2011. By now, bankruptcies of financial firms are not unusual, so why did this one cause such consternation? Essentially, this episode educated industry participants that customer protections in the U.S. commodity futures markets are more ambiguous than expected. This paper examines the activity that led to the collapse of MF Global and provides lessons that can be drawn from this unprecedented event.
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations Publisher : ISBN 13 : Total Pages :124 pages Book Rating :4.E/5 ( download)
Book Synopsis The Collapse of MF Global by : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations
Download or read book The Collapse of MF Global written by United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations and published by . This book was released on 2012 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis THE COLLAPSE OF MF GLOBAL, PART 3... HRG... SERIAL NO. 112-113... COM. ON FINANCIAL SERVICES, U.S. HOUSE OF REPS... 112TH CONGRESS, 2ND SESSION. by :
Download or read book THE COLLAPSE OF MF GLOBAL, PART 3... HRG... SERIAL NO. 112-113... COM. ON FINANCIAL SERVICES, U.S. HOUSE OF REPS... 112TH CONGRESS, 2ND SESSION. written by and published by . This book was released on 2013* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Collapse of MF Global, Part 1 written by and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Collapse of MF Global, Part 3 written by and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Collapse of MF Global, Part 2 written by and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Collapse of MF Global, Part 3, Serial No. 112-113, March 28, 2012, 112-2 Hearing, * by :
Download or read book The Collapse of MF Global, Part 3, Serial No. 112-113, March 28, 2012, 112-2 Hearing, * written by and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Collapse of MF Global, Part 2, Serial No. 112-98, February 2, 2012, 112-2 Hearing, *. by :
Download or read book The Collapse of MF Global, Part 2, Serial No. 112-98, February 2, 2012, 112-2 Hearing, *. written by and published by . This book was released on 2012* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The MF Global Bankruptcy, Missing Customer Funds, and Proposals for Reform by : Rena S. Miller
Download or read book The MF Global Bankruptcy, Missing Customer Funds, and Proposals for Reform written by Rena S. Miller and published by . This book was released on 2013 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The MF Global Debacle by : Hilary Till
Download or read book The MF Global Debacle written by Hilary Till and published by . This book was released on 2017 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the Fall of 2011, futures market participants were caught off-guard when MF Global filed for bankruptcy. Essentially, this episode educated industry participants that customer protections in the U.S. commodity futures markets had been more ambiguous than expected. That said, there are a number of reforms that have been undertaken to help prevent future MF Globals. This article takes the position that a number of red flags existed as far back as 2007, regarding the firm's financial weakness, which could have served as a warning to those investors relying on MF Global as a fiduciary. In discussing the MF Global debacle, this article will cover the following seven areas: (1) a brief background on the firm will be outlined; (2) warning signs will be identified; (3) the firm's final week will be recalled; (4) the response of regulators and bankruptcy trustees will be noted; (5) the shortfall in customer segregated funds will be described; (6) the CFTC's charges and settlement will be mentioned; and (7) later reforms will be summarized. The article concludes that while MF Global's business model appears not to have been viable after 2007, this observation does not excuse unlawful practices. In particular, the firm effectively (and arguably unlawfully) used customer funds in large-scale proprietary trades that the firm ultimately could not fund, leading to its chaotic bankruptcy.
Book Synopsis OMG! What Did MF Global Do? by : Ronald H. Filler
Download or read book OMG! What Did MF Global Do? written by Ronald H. Filler and published by . This book was released on 2015 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper, written one week after MF Global, a large futures brokerage firm filed for bankruptcy, analyzes the bankruptcy, its impact on futures customers and the shortfall in customer funds that occurred on October 31, 2011. Subsequent to MF Global's bankruptcy, several customer protection rules were amended by the U.S. Commodity Futures Trading Commission and the National Futures Association.
