Re: Is'nt $890/hour a lot of money???
back2basicz
11/16/2011 1:13:18 PM
Noreen,
Thanks for confirming my initial suspicions on this issue(regarding over-charging by the main lawyer here).
The big problem is that only the SPIC is responsible for managing Investor interests and now that has emboldened the Lawyers here to steal upto 40% of MF Global assets.
More on that here
http://english.economicpolicyjournal.com/
Regards
Ashish.
$890 is a lot of money. I paid $300 an hour for the last attorney I hired a zillion years ago -- and even that was more than he deserved.
Is'nt $890/hour a lot of money???
back2basicz
11/14/2011 6:04:40 AM
Guys,
The one question that makes me think is this-Is'nt $895/hour a lot of money???
Given that our country has so many lawyers.could'nt we get some of them to work for MF Global Pro-Bono??? This would also help to preserve as much cash as is possible for investors[After accounting for all the theft made by Corzine and his merry gang].
How long will it take for whatever cash is left at MF Global to get totally used up at this crazy rate?
This is a totally crazy amount of cash.
Regards
Ashish.
Gonna have to read up on this because I am not very well versed on the subject.
MF Global has come under criticism for being highly leveraged and short on risk management. Still, it was considered enough a part of the financial bedrock to join the cadre of primary dealers relied upon by the New York Federal Reserve.
Stories of missing money also characterised the fall of the ruble in the early 90's. I would say the smart money is in more liquid enterprises. It might even be wise to trade in some gold for some toilet paper (and don't throw away your prospectus!)
Re: Which securities firm will go bankrupt next?
mInvestor
11/11/2011 2:12:35 PM
That's a good question, Tenacious.
Maybe Scott can give us some insight info, since he is unfortunately into this mess already.
Well, I'd think twice about any broker now. Turbulent time.
Re: I hope it is not as bad as it sounds
Phoenix
11/11/2011 12:38:21 PM
I hope they do manage to refund at least part of the lost money. How will the insurance work for this? I guess until clear claims of loss can be established claims cannot be filed. I only hope the insurers don't end up going bankrupt as well.
Re: Which securities firm will go bankrupt next?
tokyogai
11/11/2011 8:59:48 AM
I think there are more than a few in trouble. It remains to be seen how this will all be handled. I somehow doubt there will be a lot of bankruptcies.
Re: Which securities firm will go bankrupt next?
Tenacious
11/10/2011 7:27:45 PM
I've been hearing a lot of talk about Blackrock. Anyone else want to go out on a limb?
How?
driven
11/10/2011 7:22:04 PM
How is this fraud and deceit even possible? I'm asking rhetorically, because clearly I understand it's a result of back room deals and willingness of regulators to look the other way. But really -- It's just an astonishing lack of oversight that frankly leaves me bewildered.
The blogs and comments posted on Investor Uprising do not reflect the views of Investor Uprising, PRNewswire, or its sponsors. Investor Uprising, PRNewswire, and its sponsors do not assume responsibility for any comments, claims, or opinions made by authors and bloggers. They are no substitute for your own research and should not be relied upon for trading or any other purpose.
Tweet This