MF Global

Long, short, Bitcoin, forex - Plenty of alternate market disuccsion.
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Euler
Posts: 24702
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

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Euler
Posts: 24702
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

What is going on with these brokers?

PFG's accounts frozen after founder attempts suicide

http://www.bbc.co.uk/news/business-18779162
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LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

I was only looking at their website last week, as I'm starting to think about trying Forex.

I'm not sure anyone can be trusted anymore. We've had this discussion about BF before. I suspect if everyone tried to withdraw their banks, BF wouldn't have enough money to cover it
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jimrobo
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Joined: Wed Mar 25, 2009 12:49 pm

if you are going to go down the forex route I'd definately go with one of the larger companies and do your due dilligence the same as with anything. Check out reviews for whatever broker you are with. The internet is pretty good for stuff like that.
andyfuller
Posts: 4619
Joined: Wed Mar 25, 2009 12:23 pm

LeTiss 4pm wrote: We've had this discussion about BF before. I suspect if everyone tried to withdraw their banks, BF wouldn't have enough money to cover it
There is no way they could as they don't have our money sitting in Bank accounts ready to dish out.

I remember last year on the conference call they were asked about their exposure to Greece, thankfully, from memory they said they weren't exposed!
andyfuller
Posts: 4619
Joined: Wed Mar 25, 2009 12:23 pm

Just been catching up on some shows and this is worth a watch, it focuses on MF Global in this episode.

Bankers: Risking it all Episode 2

http://www.youtube.com/watch?v=qaby8PjBH4M

The other 2 episodes are also worth a watch and are also on Youtube but no longer iPlayer.
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Euler
Posts: 24702
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

Last week a trustee won a court order that will likely lead to a complete recovery of the $1.5 billion shortfall left in customer accounts after Jon Corzine's MF Global crashed and burned in October 2011. So, was the money never really missing in the first place?

http://features.blogs.fortune.cnn.com/2 ... n-corzine/
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