Daily Archives: December 21, 2011

JP Morgan Managed to Get Its MF Global Money Before Bankruptcy

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Dino Grandoni

Those farmers, traders, and other assorted customers of busted trading firm MF Global probably won’t like hearing the news that JP Morgan got money it was owed, on the day before it filed for bankruptcy, The New York Times reports. And even worse in the hunt for the missing $1 billion in customer funds after the collapse of former New Jersey governor and Goldman Sachs CEO Jon Corzine‘s trading firm, The Times reports that the  “roughly $200 million that JPMorgan Chase received is said to be entirely customer money.” There were other transfers to other, unspecified trading partners on October 28, the day before MF Global filed its bankruptcy papers, as well, the paper reports. Meanwhile, customers have only gotten back a third of their money and are short roughly $1.2 billion. For its part, JP Morgan apparently questioned the source of the money itself, asking for assurances that it wasn’t coming from customers (which it didn’t get).

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Total Concerned With Possibility that Sabine Pass LNG Export Permit Could Be Rescinded

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Posted: December 21, 2011

A report in “Poten & Partners – LNG in World Markets” suggests that Total remains interested in an LNG export deal with Cheniere Energy at the Sabine Pass terminal, but that the French company is concerned about contractual provisions that would require Total to pay a fixed charge for two years following declaration of force majeure. According Platts LNG Daily [subscription required], force majeure provisions would apply if both of Cheniere’s LNG export authorizations are revoked.

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CONGRESS INSIDER TRADING RUN AMOK: When They’re Not Trading On Private Information, They’re Selling It!

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Henry Blodget

The good folks at CNN were kind enough to have me on this morning to discuss the latest Congress insider trading revelations.

To wit: In addition to trading for their own accounts with private information gleaned from their jobs, our Senators and Representatives regularly meet privately with hedge funds who then use what they learn about impending legislation to cash in.

No, no, protests Congress. There’s no scandal. It’s just business as usual.

And of course that’s the point.

If this were happening in the private sector, Congress would be screaming bloody murder about corruption and greed.

Because its Washington, however, it’s just the way things are done.

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