Tuesday, February 7, 2012

Surprise, Surprise

NYT:
Pressure is mounting to recover the assets of farmers, hedge funds and other clients. Mr. Giddens’s statement, the most detailed correspondence yet from the trustee, sets up the next phase of the investigation: how to recover the money.
Mr. Giddens warned that it could be an uphill battle. The easy money has already been doled out. To claw back funds from banks and trading partners, some of which were owed money by MF Global, Mr. Giddens may need to take legal action.
I'm shocked that farmers might not be able to get back THEIR money which was unlawfully handed out by their commodity broker to the commodity broker's own creditors.  Who'd have ever guessed that?

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