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Jan 31, 2012

DealBooK | DealB%K Alert: MF Global’s Missing Money Is Slowly Being Tracked Down

Dealbook News Alert
The New York Times
Tuesday, January 31, 2012
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MF Global’s Missing Money Is Slowly Being Tracked Down

Investigators have determined what happened to nearly all of the customer money that disappeared from MF Global around the time of its bankruptcy last Oct. 31, but have not publicly disclosed their progress, fearing that doing so might cripple efforts to recover the cash and pursue potential wrongdoing, people briefed on the investigation told The New York Times DealBook.

While authorities have traced hundreds of millions of dollars to banks, MF Global’s trading partners and even the firm’s securities customers, investigators remain uncertain about whether they can retrieve the money.

Some recipients were entitled to payouts from MF Global, which could make clawing back the money difficult. For instance, securities customers withdrawing their money as MF Global began to collapse were paid from accounts that belonged to futures clients, according to other people briefed on the matter.

But the Commodity Futures Trading Commission, the regulator leading the investigation, will examine whether anyone accepted customer cash without verifying the source of the money, one of the people briefed on the matter said.



Read More:
http://dealbook.nytimes.com/2012/01/31/mf-globals-missing-money-is-slowly-being-tracked-down/?emc=da

Financial and Forex Info News | The Australian Business Briefing Update: No Fairfax seat for Gina: investor




 
No Fairfax seat for Gina: investor
Damon Kitney ONE of Fairfax Media's biggest shareholders says it would not support Gina Rinehart being offered a seat on the media company's board.
 
BHP to shed 155 workers in Perth
Barry FitzGerald BHP Billiton will cut as many as 155 employees and contractors, mainly from its nickel division’s Perth head office.
 
Bank fees class action widens
ST GEORGE and Bank SA are the latest Australian banks to be taken to court by customers angry at the fees they are charged.
 
Rains push ERA to $154m loss
Ross Kelly ENERGY Resource of Australia has booked a steep annual loss after the uranium miner was ravaged by rains and poor quality ore.
 
Stocks pare losses on China data
Virginia Harrison AUSTRALIAN shares traded down but off their worst levels today after a surprise pick-up in Chinese manufacturing activity.
 
ECB's awkward Greek problem
Brian Blackstone THE ECB, Greece's biggest creditor, is finding it hard to stay on the sidelines as Greece negotiates a debt restructuring deal.
 
Home of the shock ad goes private
James Bone THE Benetton family is considering taking private the Italian clothing chain famed for its controversial advertising campaigns.
 
Qantas tipped to cut its capacity
Steve Creedy, Aviation writer THE Qantas Group is expected to reduce capacity and review discretionary spending.
 
Financial Markets
Australian stocks pare losses after China data
Virginia Harrison AUSTRALIAN shares traded down but off their worst levels today after a surprise pick-up in Chinese manufacturing activity.
 
Stocks pare losses on China data
Stocks open flat but Fairfax shares surge
 
Financial Markets Coverage
 
Mining & Energy
BHP to shed 155 workers in Perth
Barry FitzGerald BHP Billiton will cut as many as 155 employees and contractors, mainly from its nickel division’s Perth head office.
 
Bankruptcies fuel oil rallies
Rains push ERA to $154m loss
 
More Mining & Energy


Smartcompany News and Analysis: Business numbers up but small firm exits soar, Meet the boss sharing $15m with staff, Who’ll buy Dick Smith? Behind Gina Rinehart’s Fairfax buy

smart company logo image

Today on SmartCompany we ask who is really in line to buy Dick Smith, examine the slowing rate of growth in new businesses and take a look at the bus company boss who’s made a very classy exit after selling his business for $400 million.

Plus in Entrepreneur Watch, James Thomson takes a long look at the motives of Australian super billionaire Gina Rinehart, whose bought another 5% of Fairfax Media. What does Gina want to gain?


Lunch with an Entrepreneur
Tammy May
MyBudget director and founder Tammy May explains why her business is recession-proof. BY MADELEINE HEFFERNAN.
Features

Finance
What the accounting industry can count on
Subdued economic growth is changing the nature of the accounting services demanded. BY KAREN DOBIE.
Features

Aunty B
How do we merge businesses harmoniously?
Be aware that there are always a few people who will leave after a merger takes place.
Aunty B

Profitable growth
Julia Bickerstaff
Here’s a clever way to help all your employees feel important and respect each other’s roles.
Ask the Experts

Customer Experience
Greg Muller
As business owners and managers, have you honestly spent the time to investigate just how many potential customers you’re missing out on due to the effort you put customers through?
Smart Blogs

Property Investor
Michael Yardney
Low interest rates should underpin our property markets in the first half of 2012, but when the economic situation abroad settles, they will rise again.
Smart Blogs

Entrepreneur Watch
James Thomson
Gina Rinehart’s investment in Fairfax won’t make her money and won’t get her instant influence. So what does she want?
Entrepreneur Watch