The latest news on the MF Global bankruptcy and fallout, published in the John Lothian Newsletter the morning of November 14, 2011.

In the wake of the MF Global bankruptcy, John Lothian Newsletter has created a special section on devoted to news, information and commentary. The section features archived news stories featured in the John Lothian Newsletter, analysis and breaking news. Check regularly for updates. See the MF Global news section here.

CME offers $300m to MF Global customers
By Gregory Meyer in New York and Tom Braithwaite in Washington – Financial Times
CME Group, the biggest US futures exchange operator, scrambled to contain damage from the failure of broker-dealer MF Global by offering $300m to help customers recover their money.

MF Trustee Fires Entire Broker-Dealer Workforce of 1,066
By Tiffany Kary and Matthew Leising
Nov. 11 (Bloomberg) — MF Global Inc.’s 1,066 broker-dealer employees have been fired effective immediately, the trustee liquidating the unit said.

More Than 1,000 MF Global Staff Fired Friday
The trustee liquidating the broker-dealer business of MF Global Holdings Ltd. (MFGLQ) on Friday fired the unit’s 1,066 employees effective immediately, according to a statement.

Some MF Global Workers Said to Learn of Firing From News Reports
By Matthew Leising and Shannon D. Harrington
Nov. 12 (Bloomberg) — Some MF Global Inc. employees fired in New York and Chicago learned of their fate from news reports that the trustee liquidating the broker-dealer had decided to terminate all 1,066 of them, according to three people familiar with the matter.

The Commodity Futures Market Is Tied Up In Court
No better example of the rules of the jungle is the way MF Global took its customers money for its own selfish purpose of financing its idiotic leveraged bet of $7.7 billion on European sovereign securities.

Deals of the Day: MF Global’s Books? “A Mess,” Says One Regulator
Wall Street Journal Blogs
Deals of the Day compiles this mornings biggest news about mergers and acquisitions, markets doomsday, private equity and more.

Insight: Risk, lax oversight riddle MF Global’s past
Reuters via Yahoo! News
WASHINGTON (Reuters) – Long before the brokerage firm MF Global collapsed into bankruptcy and prompted a frantic search for missing customer money, the company had already established a checkered history.

Insight: MF Global bust erodes trust in brokerages
Reuters via Yahoo! News
NEW YORK (Reuters) – Almost two weeks after the bankruptcy of commodities firm MF Global, customers at rival firms are all asking the same question: How safe is my money?

MF Global Asia sale hampered by problems unwinding trades
Reuters via Yahoo! News
SINGAPORE/SYDNEY (Reuters) – MF Global’s liquidators are struggling to sell the Asian business as one concern because of problems unwinding trading positions, so they may now sell the various country units separately.

Corzine Aide in Spotlight
Even before Jon S. Corzine had lured Bradley Abelow in September 2010 to serve as his top deputy at MF Global Holdings Ltd., the firm’s chief executive was already saving key decisions for his trusted aide. “Jon would even say, ‘Wait until Brad gets here,’ ” said Peter Forlenza, who served as MF Global’s global head of equities until last week. “It was almost like there was a messiah coming, and he was going to clean everything up.”

MF Global: Exchange Clearing House Liquidations Website Statement
Press Release
Based on information received from the following exchanges and clearing houses, open trades and positions of MF Global UK Limited (in special administration) have been liquidated, with effect from the corresponding date listed.

The MF Global Bankruptcy May Be As Close As Your Grain Elevator
How close are you to the bankruptcy filing of MF Global and the subsequent liquidation of its client accounts by the federal government?  Based on its popularity with elevator managers for clearing grain hedging accounts through the Chicago Mercantile Exchange (CME), many Cornbelt farmers may be closer than they think to the 7th largest bankruptcy filing in US history.  What has happened, what is happening, and what will be happening?  There are some lessons being learned that will impact the relationships involving farmers, grain elevators, and the banks that lend to both of them.

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