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TFC Commodity Trading Forum

MF Global/JPMorgan Cuts in Front of the Line *LINK*

Looks like JPMorgan has cut in front of the line of MF Global clients (which includes me). Below is a snippet from the article at the link I have included.

JPMorgan has fought aggressively in bankruptcy court to protect its interests, and received a lien on some of MF Global's assets in exchange for granting the firm $8 million to fund its bankruptcy costs. The lien puts JPMorgan's interests ahead of MF Global customers who have not yet received an estimated $900 million worth of money from their accounts, which remain frozen as regulators search for missing funds.

To me it is hard to believe that after two full months they cannot find were 1.2 billion dollars went. That is not chump change. Maybe they know where it initially went, but it has probably been transfered or used in transactions ten times over by now.

Read more: http://www.foxbusiness.com/industries/2012/01/04/mf-global-sold-assets-to-goldman-before-collapse-report/#ixzz1iW5AGF6Z