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This morning brought the news that the bank had agreed to pay $546 million to former clients of the failed brokerage firm MF Global, beginning to bring an end to a long tussle between the bank and investors over some $1.6 billion in missing customer money, some of which had been held by JPMorgan.
"Guys With Kids" Airs: Wednesdays at 8 30 p.m. ET on Global/NBC (but moves to 9 30 p.m. ET on Global beginning Sept. 26) Don't get me wrong, this is by no means Emmy material, but even with the laugh track and all of Anthony Anderson's yelling, I laughed... a little more than I care to admit.
"Go On" Airs: Tuesdays at 9 p.m. ET on Global/NBC (but moves to Wednesdays at 9 p.m. ET on Global beginning Sept. 26) Matthew Perry's latest comedy actually began last week, so my pleas for you to give it a go may be falling on deaf ears (though, if you do want to play catch-up, you can catch the debut on Global and NBC).
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And about the same time, MF Global began a search to replace Mr. Roseman.
Around the same time, MF Global began searching for a new risk officer.
As MF Global began to spiral downward, the firm raided client funds to meet its own obligations.
MF Global began buying the debt of European countries like Italy, Portugal, Spain and Ireland last year, in a bet that the discounted prices of those bonds would soon recover.
But the flood of requests kept coming from both customers and trading partners, and MF Global began to shift money to its securities division.
Elsewhere Legal and General was lifted 0.9p to 101.3p after MF Global began coverage of the insurer with a buy rating and a 115p price target.
The transfer to the JPMorgan account received renewed focus Friday, when a memorandum by the oversight panel of the House Financial Services Committee, which is holding a hearing this week on the final days at MF Global, began to circulate.
For instance, securities customers withdrawing their money as MF Global began to collapse were paid from accounts that belonged to futures clients, according to other people briefed on the matter.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com