NEW YORK (Reuters) - Three weeks after MF Global's collapsed, furious former customers are still fighting for access to billions of dollars as they question why as much as two-thirds of their money is still stuck.
While authorities have touted the fact that they are returning 60 percent of the collateral and cash that had been frozen in the wake of the broker's October 31 bankruptcy, a closer look shows that in fact only about 40 percent of customers' total funds have been authorized for release so far.
The remainder, more than $3 billion, ostensibly remains on hand to cover a shortfall originally estimated by MF Global to regulators at just $600 million.
Apparently the parent group CME Group is also in hot water due to this MF Global.
One person I have posted about , Gerald Celente, had been trading futures since the 70s'. He is careful and knowledgeable, and still got F'd. What does that mean for the rest of us who have no clue how the system works?
Here is Celente on the Max Keiser Report explaining it. That would make me angry too.
http://maxkeiser.com/2011/11/15/gerald-celente-hammers-mf-globals-mfers-on-capital-account/
