MF Global goes bankrupt

[tsptalk]

This is obviously one of the catalysts for today's decline...

MF Global goes bankrupt, is 1st U.S. casualty of European crisis
"The Wall Street firm run by former Goldman Sachs Chairman and New Jersey Gov. Jon Corzine filed for bankruptcy Monday morning, making it the first big American casualty of the European debt crisis.

"The firm, MF Global, had come under increasing strain in recent weeks due to $6.3 billion in outstanding bets on the sovereign debt of some of Europe's most troubled economies, including Spain and Italy."

 

[Bquat]

This is obviously one of the catalysts for today's decline...

MF Global goes bankrupt, is 1st U.S. casualty of European crisis
"The Wall Street firm run by former Goldman Sachs Chairman and New Jersey Gov. Jon Corzine filed for bankruptcy Monday morning, making it the first big American casualty of the European debt crisis.

"The firm, MF Global, had come under increasing strain in recent weeks due to $6.3 billion in outstanding bets on the sovereign debt of some of Europe's most troubled economies, including Spain and Italy."

So does FDIC cover Europe losses also or secures all the accounts since it's located in the US?

 

[Frixxxx]

This is obviously one of the catalysts for today's decline...

MF Global goes bankrupt, is 1st U.S. casualty of European crisis
"The Wall Street firm run by former Goldman Sachs Chairman and New Jersey Gov. Jon Corzine filed for bankruptcy Monday morning, making it the first big American casualty of the European debt crisis.

First of many!

So does FDIC cover Europe losses also or secures all the accounts since it's located in the US?

Nope.
http://www.fdic.gov/consumers/consumer/information/fdiciorn.html

 

[Bquat]

First of many!

Nope.
http://www.fdic.gov/consumers/consumer/information/fdiciorn.html

Thanks

 

[Frixxxx]

Thanks

FDIC rules and account requirements dictate insurance coverage.
MF does protect client accounts when transferring into and holding their money:

http://www.mediabistro.com/portfolios/samples_files/835315_Oegi_u7CQ5Q_5N5X6bnYwkZkz.pdf

But if the account loses value, only the account worth is insured.

 

[brooksmd]

Just read an article on nytimes website and it mentions that Blackrock was brought in last Friday to help MF Global.
Blackrock also manages TSP F, C, S and I funds. Not being a market genius, am I safe in assuming no matter what
our funds will not get tangled up in this MF Global fiasco?

http://dealbook.nytimes.com/2011/10/31/regulators-investigating-mf-global/

 

[Frixxxx]

Just read an article on nytimes website and it mentions that Blackrock was brought in last Friday to help MF Global.
Blackrock also manages TSP F, C, S and I funds. Not being a market genius, am I safe in assuming no matter what
our funds will not get tangled up in this MF Global fiasco?

http://dealbook.nytimes.com/2011/10/31/regulators-investigating-mf-global/

Blackrock manages our funds within the indexes, not in other brokerages.

 

[KevinD]

MAN! This Ann Barnhardt really goes off about the MF Global mess. I was cheering her on today in the mail truck. :laugh: This podcast was fun to listen to but scary at the same time.

http://www.financialsense.com/finan...ptions-market-destroyed-by-mf-global-collapse

Jim is joined by Ann Barnhardt, who recently closed her commodity brokerage firm Barnhardt Capital Management after the MF Global collapse. She believes that her client monies were no longer safe in the futures and options markets, and that the entire system has been 'utterly destroyed' by the MF Global collapse.

 

[jkenjohnson]

MAN! This Ann Barnhardt really goes off about the MF Global mess. I was cheering her on today in the mail truck. :laugh: This podcast was fun to listen to but scary at the same time.

http://www.financialsense.com/finan...ptions-market-destroyed-by-mf-global-collapse

Wow! I hope she is wrong.