Wed, 28 March 2012
Looks like there might be just a little hope for the beleaguered MF Global clients. In London, KPMG a large international accounting firm who was appointed by the English bankruptcy court to account for the "lost" assets of MF has so far recovered $500 million dollars of unsegregated customer funds from a small list of large financial institutions. They're going for $1 billino and they told this motly group in January that if they didn't pay up, they're going to court. This may be the best chance account holders have of ever seeing their money again. And it explains why large financial groups are buying up client claims at a discount, because they know that the clients will eventually get back all their money.
Also, we see the fall out from the Swift banning of Iran from the international transfer network which has resulted in the start of an abandonment of the dollar and the opening of many swap agreements between trading partners. Get ready for what's coming next!
And finally, our new site www.financialsurvivalnetwork.com is up and running. We're carrying the top financial and economic stories of the day and you can sign up there for the free Financial Survival Toolkit and free weekly newsletter.