Biz: MF Global mixes its customers’ assets with its own sucky balance sheet
- Reports of short falls of client money … if true would be a disaster for all the smaller brokers and banks as nobody will trust them anymore.
- A trader based out of London • Discussing the situation with MF Global, a financial firm hard hit by the Euro debt crisis, which apparently failed to keep customer money separate from the firm’s own accounts. The company, led by former Goldman Sachs leader and ex-New Jersey Gov. Jon Corzine (great combination), is raising the spectre of some if the 2008 financial crisis gunk — remember Lehmann Bros.? Let’s hope they can get this settled and — most importantly — customers can get their money out. source