What a mess for clients of MF Global!
Bounced checks, bad transfers, missing money, frozen accounts. If positions were transferred, but not all of the positions, I can't imagine the number of margin issues that would have resulted, not to mention frozen accounts with the inaccessible cash/collateral supposedly at MF Global.
To top it off, account balances were debited even though checks did not clear.
If I submitted a wire, I would expect the money to be wired NOT to receive bad checks in the mail.
Clearly, the plumbing was broken. Can't imagine how frustrated and angry the clients must feel. The money never should have been commingled. Hope all of the client money is still accounted for.
Where's a good plumber when you need one? It's so hard to find good help these days.
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