Shares of MF Global plunged to $1.07 on Wednesday when the company reported its largest quarterly loss ever on Tuesday, ($191.6 million loss). Close to 90% of the market cap has vanished since former New Jersey Governor took over as CEO for Brokerage giant MF Global. On Monday Moody’s downgraded MF Global debt to just above junk status. As of Wednesday, the company's bonds were trading at an 18% yield underscoring a lack of investor confidence in Jon Corzine’s capacity to manage the company as CEO.
Shares of MF Global plunged to $1.07 on Wednesday when the company reported its largest quarterly loss ever on Tuesday, ($191.6 million loss). Close to 90% of the market cap has vanished since former New Jersey Governor took over as CEO for Brokerage giant MF Global. On Monday Moody’s downgraded MF Global debt to just above junk status. As of Wednesday, the company's bonds were trading at an 18% Yield underscoring a lack of investor confidence in Jon Corzine’s capacity to manage the company as CEO.
Just months ago, there were rumors that Jon Corzine would be taking over for Treasury Secretary Tim Geithner. In an August 9th regulatory filing related to a debt offering stated that the 6.25% bonds would pay an extra percentage point of interest if Corzine, who was governor of and U.S. Senator from New Jersey after he left Goldman Sachs, is named to a federal post and confirmed by the Senate before July 2013. With the recent downfall of his company’s stock this outcome is unlikely; however, the chances of Corzine being ousted from MF have vastly increased.
Jon Corzine had attempted to turn MF Global from a brokerage to a mid-tier investment bank. In doing so one of the cornerstones of his strategy was to take on more principal risk. According to an October 25th Press release on earnings, MF Global mentions “As of September 30, 2011, MF Global maintained a net long position of $6.3 billion in a short-duration European sovereign portfolio financed to maturity (repo-to-maturity), including Belgium, Italy, Spain, Portugal and Ireland.
On a conference call with analysts on Tuesday Jon Corzine stated, “The broker has “little principal risk” The short-term debt positions are “my personal responsibility and a prime focus of my attention,” said Corzine.
Some reports suggest that MF may be headed to a fire sale although MF itself just completed the acquisition of Strategy Runner ten days ago.
Shares of MF Global plunged to $1.07 on Wednesday when the company reported its largest quarterly loss ever on Tuesday, ($191.6 million loss). Close to 90% of the market cap has vanished since former New Jersey Governor took over as CEO for Brokerage giant MF Global. On Monday Moody’s downgraded MF Global debt to just above junk status. As of Wednesday, the company's bonds were trading at an 18% Yield underscoring a lack of investor confidence in Jon Corzine’s capacity to manage the company as CEO.
Just months ago, there were rumors that Jon Corzine would be taking over for Treasury Secretary Tim Geithner. In an August 9th regulatory filing related to a debt offering stated that the 6.25% bonds would pay an extra percentage point of interest if Corzine, who was governor of and U.S. Senator from New Jersey after he left Goldman Sachs, is named to a federal post and confirmed by the Senate before July 2013. With the recent downfall of his company’s stock this outcome is unlikely; however, the chances of Corzine being ousted from MF have vastly increased.
Jon Corzine had attempted to turn MF Global from a brokerage to a mid-tier investment bank. In doing so one of the cornerstones of his strategy was to take on more principal risk. According to an October 25th Press release on earnings, MF Global mentions “As of September 30, 2011, MF Global maintained a net long position of $6.3 billion in a short-duration European sovereign portfolio financed to maturity (repo-to-maturity), including Belgium, Italy, Spain, Portugal and Ireland.
On a conference call with analysts on Tuesday Jon Corzine stated, “The broker has “little principal risk” The short-term debt positions are “my personal responsibility and a prime focus of my attention,” said Corzine.
Some reports suggest that MF may be headed to a fire sale although MF itself just completed the acquisition of Strategy Runner ten days ago.
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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