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TFC Commodity Trading Forum

Re: MF Global Update/Limitup
In Response To: Re: MF Global Update ()

I think you are right Limitup. The broker I talk to on the phone at MF Global was at REFCO. REFCO's commodities division was bought at auction by Mann Financial, which I believe became MF Global. My original account was at Lind-Waldock which was taken over by Mann Financial/MF Global. I belive up until about 3-4 months ago Lind-Waldock was considered a subsidary of MF Global, and then about 3-4 months ago it was pulled in under the umbrella of MF Global, but I am not sure on this point. Hmm sounds fishy. The broker told me that back then there was a 60% distribution and then 2 more later distributions that made the commodities account holders whole, and that seems to be true based on what I have googled online. However, I don't think there was a short fall in the accounts of the clients (stolen money) as there is with MF Global.

They filed on Monday and I read about it in the paper Tuesday morning and called right away, but it was already frozen. I guess the news said the week before that analysts said they had to much European Debt, and their stock went down hard, but I was not aware of this. It can happen fast.

Sort of like today that regulators told Bank of America that they need to become stronger. I have a checking account with them that I plan on moving, and I don't like the idea they were trying to charge more money for debit card holders. The checking account is small and covered by the Federal insurance, but what if it got frozen for 6 months or longer.