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Pm liquidating corp

MF could not repay these monies with its own funds.

Improper co-mingling, or mixing, of company and client funds took place for days before the illicit transfer and loans, and perhaps for many other days earlier in the year.

Failure of those, and other, repo positions contributed to the massive liquidity crisis at the firm.In 2011, MF Global faced major pressures to its liquidity over several months.Some analysts and financial commentators indicate that MF Global probably experienced a number of trading days in 2011 during which the firm's bets on sovereign debt would have required the use of customer funds to meet capital requirements, thereby maintaining operating funds and possibly overall solvency.According to the New York Times, "MF Global dipped again and again into customer funds to meet the demands", perhaps beginning as early as August 2011.MF Global traces its roots to the sugar trading business started by James Man in England in 1783, which evolved into broader commodities trading before its later transformation into a financial services business during the 1980s focused on commodity futures trading.MF Global held a conference call issued statements confirming MF Global was in compliance with regulatory and financial requirements.Jon Corzine, former CEO of Goldman Sachs, Governor of New Jersey, and United States Senator, began his tenure as CEO of MF Global in March 2010. From 1994-1999, Corzine held the role of Chief Executive Officer for Goldman Sachs.MF Global Inc., its broker-dealer subsidiary, was a primary dealer in United States Treasury securities.A series of perceived liquidity problems and large fines and penalties dogged MF Global starting in 2008, and led to its bankruptcy in 2011.MF Global experienced a meltdown of its financial condition, caused by improper transfers of over 1 million from customer accounts to a MF broker-dealer account to cover losses created by trading losses.On October 31, 2011, MF Global executives admitted that transfer of 0 million from customer accounts to the broker-dealer and a loan of 5 million in customer funds to MF Global’s U. subsidiary to cover (or mask) liquidity shortfalls at the company occurred on October 28, 2011.


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