Joint statement from CFTC and SEC on MF Global collapse
The Commodity Futures Trading Commission and Securities and Exchange Commission today made the following joint statement:
"For several days, the SEC, CFTC and other regulators had been closely monitoring developments affecting MF Global, Inc., a jointly registered futures commission merchant and broker-dealer, in anticipation of a transaction that would include the transfer of customer accounts to another firm. Early this morning, MF Global informed the regulators that the transaction had not been agreed to and reported possible deficiencies in customer futures segregated accounts held at the firm. The SEC and CFTC have determined that a SIPC-led bankruptcy proceeding would be the safest and most prudent course of action to protect customer accounts and assets. SIPC announced today that it is initiating the liquidation of MF Global under the Securities Investor Protection Act (SIPA)... Full press release: Source
MF Global bankruptcy: The biggest losers
From the WSJ Deal Journal: MF Global today filed for bankruptcy protection, after a weekend dash to sell the company ended short of the finish line.
Here are three people or groups that stand to lose big from MF Global's bankruptcy:
Shareholders: Typically when a company goes through bankruptcy protection, its......................
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