“MF Global, which filed for bankruptcy protection on Monday, is the biggest U.S. casualty of Europe’s debt crisis, and the seventh-largest bankruptcy by assets in U.S. history.” Reuters
“the panic behind the scene is palpable” Tyler Durden, ZeroHedge
“Early this morning we were greeted with the news that MF Global went into bankruptcy a fact that I highlighted to you on Thursday and Saturday. I indicated that this would be a “biggy”!!“ Harvey Organ
“It seems that these guys were long a massive amount of Swiss currency which lowered in value to the Euro as the SNB pegged the Swiss Franc to the Euro and thus MF Global suffered massive losses.
I have also been told that these guys also had massive amounts of Greek bonds and they leveraged their purchases. They accumulated these huge bond holdings with the assumption that the authorities would not allow Greece to fail. These guys are also futures traders and thus have good sized positions in gold and silver. The CEO of MF Global is Jon Corzine, former governor of New Jersey and Senator for that state. He is also a former CEO of Goldman Sachs and he is a known gold and silver hater. I wonder on what side this company was on with respect to the precious metals.”
CNL Editor’s Note:
Top 8 Bankruptcies in U.S. History
- Lehman Brothers Holdings Inc. 2008 – At least $639 billion in pre-filing assets
- Washington Mutual Inc. 2008 – 327.9 billion in assets
- WorldCom Inc. 2002 – $104 billion in pre-filing assets
- GM 2009 – $89 billion in pre-filing assets
- Enron Corp.2001 – $66 billion in pre-filing assets
- Conseco Inc. 2002 – $61 billion in pre-filing assets
- M F GLOBAL
- Chrysler 2009 – $39.3 billion in assets
- Panic Behind The MF Scenes As Company Refuses To Disclose Information To Regulators Even In Death, by Tyler Durden 10/31/2011
* Image reference:
Nutdanai Apikhomboonwaroot / FreeDigitalPhotos.net
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