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MF Global Customer Funds Found
November 4, 2011
The intensive search for missing customer funds at MF Global led to JPMorgan Chase, where regulators found firm funds. Speculation swirled earlier this week that JPMorgan had some firm funds. News of the finding was reported earlier by Bloomberg News.
It's unclear how much firm money is at JPMorgan, and whether it includes the missing client money, which is in excess of $633 million as of Tuesday afternoon.
JPMorgan had a strong relationship with MF Global and provided several services to the failed brokerage, including lending, investment banking, and basic administration functions like clearing trades. The bank was listed as MF Global’s largest unsecured creditor because it oversees a $1.2 billion loan to the firm. No comment was offered by JPMorgan. [Dealbook, 11/4/11]
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