JP Morgan Managed to Get Its MF Global Money Before Bankruptcy

Reuters
Dino Grandoni 3,621 Views Dec 21, 2011

Those farmers, traders, and other assorted customers of busted trading firm MF Global probably won't like hearing the news that JP Morgan got money it was owed, on the day before it filed for bankruptcy, The New York Times reports. And even worse in the hunt for the missing $1 billion in customer funds after the collapse of former New Jersey governor and Goldman Sachs CEO Jon Corzine's trading firm, The Times reports that the  "roughly $200 million that JPMorgan Chase received is said to be entirely customer money." There were other transfers to other, unspecified trading partners on October 28, the day before MF Global filed its bankruptcy papers, as well, the paper reports. Meanwhile, customers have only gotten back a third of their money and are short roughly $1.2 billion. For its part, JP Morgan apparently questioned the source of the money itself, asking for assurances that it wasn't coming from customers (which it didn't get).

Want to add to this story? Let us know in comments or send an email to the author at dgrandoni at theatlantic dot com. You can share ideas for stories on the Open Wire.

Related Articles   More by Dino Grandoni

That Missing $1.2 Billion in MF Global Money Is Probably Gone for Good

FBI Will Look into MF Global's Missing Millions

Regulators Know Where MF Global's $1.2 Billion Went, They Just Won't Tell

 

The Drudge Report Can Thank Obamacare for 45 Million Page Views

Jon Stewart Dines Out on Fox News and CNN's Supreme Blunders

Elsewhere on the Web

User Comments

Please type your comment and click Post. If you’re not already logged in you will be prompted to log in or register

  • The Atlantic Wire on Twitter
  • The Atlantic Wire RSS Feed
  • The Atlantic Wire iPhone App