The latest news on the MF Global bankruptcy and fallout, published in the John Lothian Newsletter (subscribe here) the morning of December 6, 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.

After MF Global: how to protect customers’ cash
By Darrell Duffie – Financial Times
Customer money is missing at MF Global. After three mysterious weeks, we don’t even know whether the shortfall is $600m or $1.2bn. While this is obviously a problem for MF customers, it’s also a significant challenge for the larger financial system.

MF Global workers sue Corzine, other execs
Past and present MF Global employees sued ex-CEO Jon Corzine and other executives over alleged misrepresentations they say destroyed the value of the company’s stock.

Corzine Rebuffed Internal Warnings on Risks
MF Global Holdings Ltd.’s executive in charge of controlling risks raised serious concerns several times last year to directors at the securities firm about the growing bet on European bonds by his boss, Jon S. Corzine, people familiar with the matter said.

Dimon eyes clawback
New York Post
Mf Global’s burned commodity customers turned their ire from Jon Corzine to Jamie Dimon yesterday after MF’s creditor committee, led by Dimon’s JPMorgan Chase, objected to a plan to distribute $2.1 billion to customers who have seen their accounts frozen since Halloween. In a Manhattan bankruptcy…

MF Global Used $200 Million From Customers For Itself And Other Clients
Robert Lenzner – Forbes
MF Global may have committed a crime by taking $200 million from segregated customer accounts “and used it to pay for bank overdrafts, shortfalls in other customer accounts and MF Global’s own commodities activity,” according to Vincent Schmeltz III, of Barnes & Thornburg, the lawyer for MF Global’s customers, who are trying to get back their missing funds.

Efforts growing to revive CME tax-break bill in Springfield
Greg Hinz – Crain’s
A revised plan to provide tax breaks to keep Sears Holdings Corp. and Chicago’s big trading exchanges in the state seems to be making some progress in hush-hush Springfield talks.

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