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This article first appeared in Third Sector magazine.
MF Global story updated with JPMorgan Chase statement.
It’s not just the protesters at Zuccotti Park who complain big banks are trampling on the little guy. Smaller customers of MF Global believe bank giant JPMorgan Chase, run by CEO Jamie Dimon, is angling to cut ahead of them in MF’s long line of creditors. Some MF clients are planning to file a motion in Manhattan bankruptcy court today, led by James Koutoulas, chief executive of a Chicago commodities trading firm, in a bid to boost their chances of recovery from the eighth-largest bankruptcy in US history.
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Chris Hedges made this statement in New York City’s Zuccotti Park on Thursday morning during the People’s Hearing on Goldman Sachs, which he chaired with Dr. Cornel West.
While bankers complain that regulatory uncertainty is hurting growth, their failure to provide balance-sheet transparency is creating uncertainty for the taxpayers who bailed them out. Europe ’s sovereign-debt crisis already claimed MF Global Holdings Ltd ., the brokerage run by Jon S.
The threat to murder Corzine was in regards to the transfer of $600 million (eventually grew to a massive derivative money laundry overseas to $270 BILLION) of MF Global customer segregated accounts to J. P.
James Koutoulas, the lawyer that represents over 8,000 MF Global customers and the co-founder of the Commodity Customers Coalition, was just on CNBC to talk with Rick Santelli. The two spoke about media coverage of MF Global, how the bankruptcy case has evolved and the role financial institutions like the CME Group and JP Morgan has played in the proceedings. Near the end, Koutoulas gave a provoking comment on the letter JP Morgan sent him asking him to close his business' accounts with the bank.
As MF Global inched towards collapse, CEO Jon Corzine pre-occupied himself with a few other things -- namely securing a chateau for him and his wife in the ritzy south of France. At a party in Paris on October 15 -- just two weeks before MF Global filed for bankruptcy, costing more than 1,000 workers their jobs -- Corzine and his wife, Sharon Elghanayan, were discussing a house they planned to purchase in the south of France , according to an upcoming report in Vanity Fair .
Goldman Sachs Information, Comments, Opinions and Facts: Goldman Sachs and MF Global: Blankfein and CorzineGoldman Sachs guys stick together: they support each other's businesses; they bail each other out; they make sure the powers of their businesses remain strong; and they occasionally compete with each other in order to maintain their assets.
(Lauren Tara LaCapra and Matthew Goldstein) - MF Global unloaded hundreds of millions of dollars' worth of securities to Goldman Sachs in the days leading up to its collapse, according to two former MF Global employees with direct knowledge of the transactions.
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Standard & Poor’s is exerting pressure on government to a degree that would make many K Streeters blush. On Monday, S&P put 15 euro nations on notice that it was considering a downgrade.