JP Morgan Finds MF Global’s Money, Under the Couch?
In the case of the missing $633 million of MF Global (NYSE:MF) customer funds, the mystery may be solved. A New York Times article has reported some of the missing funds have been found at JPMorgan & Chase (NYSE:JPM). Under a couch cushion?
After regulators discovered the absent funds on Sunday, it caused a scuffle as MF Global (NYSE:MF) filed Chapter 11 proceedings on Monday. Questions arose that the money had been used to cover trades during MF’s implosion, opening the door for additional regulatory concerns for the firm.
The amount of money allegedly sitting at JPMorgan (NYSE:JPM) is unclear and whether or not it is in fact the missing $633 million dollars. However, earlier in the week rumors swirled that JPMorgan had the money. The bank had a good relationship with the firm and provided numerous services including lending, investment banking, and administrative functions such as clearing trades. It also oversaw a $1.2 billion loan to the firm and is therefore listed as the firm’s biggest unsecured creditor.
MF Global and JP Morgan have not commented on the matter. Here’s how the stocks closed the week:
- MF Global Holdings Ltd. (NYSE:MF): The shares recently traded at $N/A,. Its market capitalization is $. They have traded in a 52-week range of $ to $. Volume today was shares versus a 3-month average volume of shares. The company’s trailing P/E is , while trailing earnings are $ per share. The company pays a dividend of $ per share for a dividend yield of %. About the company: MF Global Holdings Ltd. provides execution and clearing services for exchange-traded and OTC derivative products, non-derivative foreign exchange products and securities in the cash market. Get the most recent company news and stock data here >>
- JPMorgan Chase & Co. (NYSE:JPM): The shares recently traded at $33.97, down $0.41, or 1.19%. Its market capitalization is $131.11 billion. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 30,835,746 shares versus a 3-month average volume of 50,905,500 shares. The company’s trailing P/E is 7.24, while trailing earnings are $4.69 per share. The company pays a dividend of $1.00 per share for a dividend yield of 3.00%. About the company: JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals. Get the most recent company news and stock data here >>
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