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MF Global and the great Wall St re-hypothecation scandal
By Christopher Elias (UK) Business Law Research Note: This version of the article has been modified from the original to make it clear that re-pledged collateral may come from straight repos and not just re-hypothecation. Some of the financial figures from banks' disclosures have been adjusted accordingly.The October 31 bankruptcy of MF Global Holdings Ltd., a broker-dealer on Fifth Avenue in New York City, is important news for all Americans because it is a warning: The Dodd-Frank Act, which Congress passed 16 months ago to protect Americans from another financial crisis, is not working.
MF Global warning: Financial markets have not been fixed
