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kraznyi_oktjabr
10-31-11, 01:28 PM
US brokerage firm MF Global has filed for Chapter 11 bankruptcy protection after revealing £4bn of eurozone debt exposure. The US brokerage, which has 2,000 staff worldwide including 600 in London, is said to be planning to sell its assets to rival Interactive Brokers Group.
Shares in MF Global were suspended by the New York authorities on Monday.
JPMorgan Chase and Deutsche Bank are the firm's two biggest creditors.
JPMorgan is said to have a claim of more than $1.2bn, while Deutsche Bank is owed more than $1bn.
Shares in JPMorgan fell 3.3% on the news of MF Global's Chapter 11 move, while Deutsche Bank's US-listed shares lost 8.7%.
Deutsche's shares in Europe were also hit, down 8.6%.
Chapter 11 postpones a US company's obligations to its creditors, giving it time to reorganise its debts or sell parts of the business.


SOURCE (http://www.bbc.co.uk/news/15519124)


Note: Last updated 31 October 2011 at 15:55 GMT
Torplexed
10-31-11, 07:53 PM
The head of MF is none other than Jon Corzine, ex-governor of New Jersey and ex-head of Goldman Sachs before that.

You know, it would be nice if some of these captains had to go down with their ships, but they won't. By that I mean, I mean if their company loses everything, they ought to lose everything personally as well. Might make them better stewards of their corporate ships.


Yeah...I'm dreaming. :O:
soopaman2
10-31-11, 08:01 PM
The head of MF is none other than Jon Corzine, ex-governor of New Jersey and ex-head of Goldman Sachs before that.

You know, it would be nice if some of these captains had to go down with their ships, but they won't. By that I mean, I mean if their company loses everything, they ought to lose everything personally as well. Might make them better stewards of their corporate ships.


Yeah...I'm dreaming. :O:

Are you kidding me about Corzine?

He was such a bad Governor, I could write pages of crap he pulled.

You know Corzine is a Wall Street inside trader.. Oh I'm sorry.. No proof...:rotfl2:

Scum of scum, take it from someone who knows him. We got Christie now, who people hate more. (I love the guy personally, he got balls)
Torplexed
10-31-11, 08:09 PM
Are you kidding me about Corzine?

He was such a bad Governor, I could write pages of crap he pulled.

You know Corzine is a Wall Street inside trader.. Oh I'm sorry.. No proof...:rotfl2:

Scum of scum, take it from someone who knows him. We got Christie now, who people hate more. (I love the guy personally, he got balls)

Turns out Corzine may get a little $12M going away present. There is some question if the conditions for that payout in the contract (lots of lawyer speak) will be precisely fulfilled under the current bankruptcy condition, so it's not certain, but there it is.

Nice work if you can get it. :D
1480
10-31-11, 08:13 PM
Not hijacking, just thought I would add this to the party:

http://thehill.com/blogs/e2-wire/e2-wire/190641-second-energy-dept-backed-company-goes-bankrupt


A Massachusetts company that received a $43 million Energy Department loan guarantee last year filed for bankruptcy Sunday, a step certain to fuel criticism of federal green energy financing in the wake of the solar company Solyndra’s collapse.

Beacon Power Corp., which develops energy storage systems, filed for bankruptcy protection in the U.S. Bankruptcy Court in Delaware.:o Ya think?!?
soopaman2
10-31-11, 08:14 PM
Turns out Corzine may get a little $12M going away present. There is some question if the conditions for that payout in the contract (lots of lawyer speak) will be precisely fulfilled under the current bankruptcy condition, so it's not certain, but there it is.

Nice work if you can get it. :D

Sadly 12mil to corzine is like me or you finding 20$ in the supermarket parking lot. Jon will be ok.
As of now I am still thanking him for the highest property tax rates in the country.
1480
10-31-11, 08:16 PM
Sadly 12mil to corzine is like me or you finding 20$ in the supermarket parking lot. Jon will be ok.
As of now I am still thanking him for the highest property tax rates in the country.

Crook, I mean Cook county is not so far behind.
Osmium Steele
11-01-11, 07:59 AM
Next stop, Treasury Secretary!