Tuesday, November 1, 2011
M-F Global = Massive Failure by Jon C.
FUZZY GOTCHA AGAIN
Would you invest with an ex-CEO of Goldman who hadn't been in the market trading in 25 years?
M-F Global has gone from bankruptcy on October 31st to missing clients' funds of
$700 million on November 1st.
The last time Corzine traded was 1986!!!
He was out of the market, CEO of Goldman and in politics, then decided to tip his toe into the hot bath of trading TWENTY-FIVE YEARS LATER .
This clown was heavily invested in sovereign debt especially Italian and each 1% decrease in Italian debt value lost about 29 million for Jon at Massive Failure.
Perhaps clients' funds were used to cover his stale trading acumen. That's what usually happens with these arrogant cretins.
Bloomberg News has been covering this all morning with a shocked author Cohan detailing the missing millions.
The NYT has a story as well ---
The screenshot above shows just how out of touch Jon C really was.
He wanted to get back into a market that had evolved on STEROIDS SINCE 1986 so decided to launch "Spread bets on FX pairs".
Fuzzy was his nickname, fuzzy math his game!
GREECE AND "ORDERLY" DEFAULT
And so the way the Greeks go M-F goes too.
Anti-Austerity in Greece will spread to Italy, Ireland, Spain, Belgium, Portugal and now that the Greeks have opposed their government, the stage has been set - austerity WILL NOT WORK.
According to PIMCO's El-Erian, the unravelling has begun.
So fasten the seat belts because we are officially NOT GETTING OUT OF ANY RECESSION any time soon!