MF Global | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-06-15

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/MF_Global


00:03:18 1 History
00:03:27 1.1 Origins
00:03:54 1.2 The 1900s: Growth, diversification
00:04:45 1.3 The 1980s-Early 2000s: Acquisitions, expansion and brokerage unit growth
00:05:23 1.4 2002-2007: Acquisitions of a trading platform, client assets
00:06:18 1.5 2007 Spin-off and going public
00:07:12 1.6 2008-2009: Major fines, liquidity concerns and stock price decline
00:08:31 1.7 March 2010: Jon Corzine named CEO
00:09:09 2 The looming crisis, bankruptcy and collapse
00:09:20 2.1 October 2011: MF Global bankruptcy and customer funds shortfall
00:12:01 2.1.1 Re-purchase agreements used extensively by brokerage
00:12:51 2.2 Bankruptcy protection sought
00:14:31 2.2.1 Bankruptcy filing, the fallout and possible causes
00:16:31 2.2.2 Creditors' claims in the billions
00:17:10 2.2.3 Board of directors; criticism of Corzine, board
00:18:15 2.2.4 Naming of bankruptcy trustees, controversy
00:19:47 2.2.5 Auditor subpoenaed for clients' assets information
00:20:11 2.2.6 Employees fired without severance pay
00:20:51 2.2.7 SEC reviewed debt sales for insider trading fraud
00:21:20 2.2.8 Bankruptcy trustee, regulators investigate missing client funds
00:22:41 2.2.9 Settlements
00:23:17 3 Corzine's possible role in the firm's collapse
00:25:56 3.1 Corzine's testimony before Congress
00:27:29 3.2 Fine and lifetime ban



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SUMMARY
=======
MF Global, formerly known as Man Financial, was a major global financial derivatives broker, or commodities brokerage firm that went bankrupt in 2011.  MF Global provided exchange-traded derivatives, such as futures and options as well as  over-the-counter products such as contracts for difference (CFDs), foreign exchange and spread betting.  MF Global Inc., its broker-dealer subsidiary, was a primary dealer in United States Treasury securities.   A series of perceived liquidity problems and large fines and penalties dogged MF Global starting in 2008, and led to its bankruptcy in 2011.
In 2011, MF Global faced major pressures to its liquidity over several months.  Some analysts and financial commentators indicate that MF Global probably experienced a number of trading days in 2011 during which the firm's bets on sovereign debt would have required the use of customer funds to meet capital requirements, thereby maintaining operating funds and possibly overall solvency.  A large part of these pressures on MF Global were a result of the firm's involvement in a significant number of repurchase agreements. Many of these repo agreements were conducted off their balance sheet.  Also, MF Global made a $6.3 billion investment on its own behalf in bonds of some of Europe's most indebted nations. Failure of those, and other, repo positions contributed to the massive liquidity crisis at the firm.  MF Global experienced a meltdown of its financial condition, caused by improper transfers of over $891 million from customer accounts to a MF broker-dealer account to cover losses created by trading losses.
On October 31, 2011, MF Global executives admitted that transfer of $700 million from customer accounts to the broker-dealer and a loan of $175 million in customer funds to MF Global's U.K. subsidiary to cover (or mask) liquidity shortfalls at the company occurred on October 28, 2011. MF could not repay these monies with its own funds.  Improper co-mingling, or mixing, of company and client funds took place for days before the illicit transfer and loans, and perhaps for many other days earlier in the year.  According to the New York Times, "MF Global dipped again and again into customer funds to meet the demands", perhaps beginning as early as August 2011.MF Global declared bankruptcy on October 31, 2011, and the company was liquidated beginning in November 2011.  The trustee liquidating the ...