MF Global Trustee Gets Millions from JPMorgan
James Giddens – the trustee overseeing the return of customer money following the collapse of MF Global – has received more than 168-million dollars from JPMorgan Chase. Technically speaking – the money is not part of the 1.6-billion in customer cash that disappeared from the commodities brokerage firm. Even so – Giddens plans to use it to repay the farmers, traders and hedge funds that have been waiting more than six months to get their money back.
According to the New York Times – MF Global customers have collected about 70-percent of the money they held with the brokerage firm. Those that traded on overseas exchanges have received even less. The customers – in an effort to get regulators and federal authorities to act – have written the Justice Department or rallied support from Republican lawmakers who are calling for an independent inquiry into the firm’s collapse.