Too Bad We were not MF Global Canada Clients
If this would have been the case…or if the regulators had done their job we would be getting back all of our money shortly. It is a total shame and disgrace for the US Financial markets.
The trustee for MF Global obtained court approval to transfer futures, equity and bond accounts to Royal Bank of Canada.
Unlike in the U.S., where there’s an estimated shorfall of more than US$1.2 billion in customer funds, no funds appear to be missing in Canada. MF Global Canada had cash assets totalling about US $381.5 million when MF Global blew up.
“Nothing has come to our attention to indicate that there are funds missing,” Richard Harris, a restructuring partner at KPMG, said in an email earlier this week. Great…so only in America are funds missing or did the regulators do a better job in Canada?
By the way, the Canadian Investor Protection Fund covers losses up to C$1 million when a member firm fails; compare this to SIPC.
Maybe we should invest in Canada or Latvia where investors are protected???
Abraham Investment Management