Gunners
I read that MF (as noted in the other thread) is in a similar boat as BSC being a clearer and has issues with some investments.
I could have nailed it below 4, I watched the low..
LEH getting nailed again after the bump.
I read that MF (as noted in the other thread) is in a similar boat as BSC being a clearer and has issues with some investments.
I could have nailed it below 4, I watched the low..
LEH getting nailed again after the bump.
March 17 (Bloomberg) -- MF Global Ltd., the largest broker of exchange-traded futures and options, fell as much as 80 percent in New York trading on speculation clients are pulling money and as financial shares dropped to their lowest level in almost five years.
``There are concerns that their commodities prime brokerage group customers are pulling money out,'' said Michael Nasto, senior trader at U.S. Global Investors Inc., which manages $5 billion in San Antonio. ``The customers have concerns about the financial stability of the firm.''
Spokeswoman Diana DeSocio didn't immediately return a call for comment.
MF Global, based in Hamilton, Bermuda, fell $11.85 to $5.50 as of 11:55 a.m. in New York Stock Exchange composite trading, after falling as low as $3.64. The shares are down more than 80 percent this year.
The stock dropped 45 percent over two days last month after one of the company's traders lost $141.5 million on what the company said were unauthorized wheat futures trades. The plunge today came after Bear Stearns Cos. agreed to be acquired by JPMorgan Chase & Co. for $2 a share because a cash shortage threatened to bankrupt the company.
Other brokers also declined today. Interactive Brokers Group Inc., the securities firm that handles about a fifth of options bought and sold in the U.S., fell 26 percent. New York-based derivatives broker GFI Group Inc. fell 41 percent.
March 17 (Bloomberg) -- MF Global Ltd., the largest broker of exchange-traded futures and options, fell as much as 80 percent in New York trading on speculation clients are pulling money and as financial shares dropped to their lowest level in almost five years.
``There are concerns that their commodities prime brokerage group customers are pulling money out,'' said Michael Nasto, senior trader at U.S. Global Investors Inc., which manages $5 billion in San Antonio. ``The customers have concerns about the financial stability of the firm.''
Spokeswoman Diana DeSocio didn't immediately return a call for comment.
MF Global, based in Hamilton, Bermuda, fell $11.85 to $5.50 as of 11:55 a.m. in New York Stock Exchange composite trading, after falling as low as $3.64. The shares are down more than 80 percent this year.
The stock dropped 45 percent over two days last month after one of the company's traders lost $141.5 million on what the company said were unauthorized wheat futures trades. The plunge today came after Bear Stearns Cos. agreed to be acquired by JPMorgan Chase & Co. for $2 a share because a cash shortage threatened to bankrupt the company.
Other brokers also declined today. Interactive Brokers Group Inc., the securities firm that handles about a fifth of options bought and sold in the U.S., fell 26 percent. New York-based derivatives broker GFI Group Inc. fell 41 percent.
see most insurance companies
wall on MF:
| 9 minutes ago | MF Global says it's well capitalized with $1.4 bln credit - MarketWatch |
| 10 minutes ago | MF Global says it has no exposure to subprime mortgages - MarketWatch |
| 11 minutes ago | MF Global says counterparty relationships are sound - MarketWatch |
see most insurance companies
wall on MF:
| 9 minutes ago | MF Global says it's well capitalized with $1.4 bln credit - MarketWatch |
| 10 minutes ago | MF Global says it has no exposure to subprime mortgages - MarketWatch |
| 11 minutes ago | MF Global says counterparty relationships are sound - MarketWatch |
right now we're below 9/11 levels for LEH
no end in sight
i hope he covers before the close today...but he wont b/c hes a gambler
right now we're below 9/11 levels for LEH
no end in sight
i hope he covers before the close today...but he wont b/c hes a gambler
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