By now, you all are probably familiar with the MF Global story so I won’t go into the details here (if you’re not familiar, Google is your friend). For fun, I went to their website this morning just to see what it looked like. The first thing I noticed was this statement on their homepage:
MF Global is a leading broker-dealer with a deep involvement in financial markets around the world. We work closely with clients to create customized trading and hedging solutions in the world’s markets for commodities, listed futures and options, equities, fixed income securities and foreign exchange.
MF Global is a member of more than 70 financial exchanges around the world, and we are a leader by trading volume on a number of these exchanges. We have trading desks around the world, and we facilitate easy connections to all of the major electronic trading platforms as well as direct market access. MF Global is also one of 22 primary dealers authorized to trade U.S. government securities with the Federal Reserve Bank of New York.
In addition to executing client transactions, we provide comprehensive clearing and settlement services. Moreover, we are active in providing client financing and securities lending services.
MF Global’s well-regarded research and analysis franchise produces a wide range of actionable insights—from equity research and policy-focused analysis of U.S. legislative and regulatory topics, to commentary on macroeconomic trends and issues driving markets.
And here’s a look at their awards:
I then clicked on their “News” page only to find this:
Page Cannot Be Found
The page you are looking for might have been removed, had its name changed, or is temporarily unavailable.
Click < < Back to return to the page from which you came.
That one made me laugh.
Their entire “Investor Relations” section is also gone.
Here’s a quote from their “About” page:
Working relentlessly to bring our clients superior market access, hardworking insights and powerful trading and hedging solutions. It’s our mission, and throughout our long history, it’s why clients have relied on MF Global to help them capitalize on new opportunities in the world’s ever-changing financial markets.
Bottom line: These companies are always the best right up until they go bankrupt. Leverage can kill.