New York Times Once Again Gets it Wrong

Commentary

I had to cringe when I saw the headline from a Nov. 5 New York Times Webpage DealBook story: “MF Global Customers to Recover All That They Lost.”

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Really!

All that they lost. Are the commodity trading advisors that shut down as a result of monies guaranteed by law to be segregated away from firm assets going to get their businesses back? How about the introducing brokers forced out of business or at least out the commissions they earned. While the announcement that 100% of customer money illegally (yes illegally) taken (yes taken not lost) out of segregation will be returned more than two years later that doesn’t mean the millions in commissions owed to IBs will be paid. If there is money left over perhaps they will get some. How about the customers of CTAs that survived and performed well over the next year. Those customers were out those returns and the CTAs were out that commission.

 

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