Daily Archives: December 21, 2011
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).
- MF Global Customers Target JP Morgan (forbes.com)
- NOW IT GETS INTERESTING: JP Morgan’s Role In MF Global Will Be Investigated (JPM) (businessinsider.com)
- JP Morgan Fires Up Maxeler FPGA Super (insidehpc.com)
- JP Morgan Stock Breaks Down On News Company’s Role As MF Global Lender To Be Probed (zerohedge.com)
- Who Gave Permission To A Bankrupt MF Global To Sell Italian Bonds To JPM At A 5% Discount To Market Value? (zerohedge.com)
- Corzine: No, I really didn’t know about customer-fund transfers (hotair.com)
- Rancher Discusses Losing Money With MF Global (npr.org)
- The Woman Corzine Mentioned In His Testimony Also Pops Up In Some Illuminating MF Global E-Mails (businessinsider.com)
- Tough Questions for MF Global, Conflicted Trustee Giddens & SIPC President Harbeck (zerohedge.com)
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.
- USA: Societe Generale Says Cheniere Can Make Sabine Pass Export Decision After Fenosa Deal (mb50.wordpress.com)
- USA: Total Close to Sign Sabine Pass LNG Deal (mb50.wordpress.com)
- Gas Natural Fenosa Deals with Cheniere Energy to Buy US Shale Gas Sourced LNG (mb50.wordpress.com)
- Chesapeake CEO Opposes US LNG Exports (mb50.wordpress.com)
- USA: Sempra to Pursue Tolling Fee for Cameron LNG Export Scheme (mb50.wordpress.com)
- USA: Sempra Files with DOE to Export LNG from Cameron Terminal (mb50.wordpress.com)
- USA: Cheniere Enters into Contract with Bechtel (mb50.wordpress.com)
- Soc Gen Says China May Look for US LNG Deals in Future (mb50.wordpress.com)
CONGRESS INSIDER TRADING RUN AMOK: When They’re Not Trading On Private Information, They’re Selling It!
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.
- Lawmakers Give Inside Info to Big Investors – Legally (newser.com)
- Palin On Insider Trading: Congress, It’s Time To Stop Lining Your Pockets (tarpon.wordpress.com)
- Hedge Funds Pay For Early Congressional News (politicalwire.com)
- Tonight on AC360: Congressional insider trading bill (ac360.blogs.cnn.com)
- Cantor Says House GOP Will Push Insider Congressional Trading Ban Next Year (businessinsider.com)
- FBI Runs ‘Perfect Hedge’ to Nab Inside Traders (wallstreetpit.com)
- The Twitter campaign for the STOCK act (truthonthemarket.com)
- End Capitol Hill insider trading (mysanantonio.com)