• 27 Oct 2011 at 3:08 PM

Who Wants To Buy (A Piece Of) MF Global?

By Bess Levin

As you may have heard, things have not been going so hot for MF Global lately (though CEO Jon Corzine would beg to differ, saying yesterday on an internal call that “things are fine, pretty much”). The brokerage firm reported its biggest quarterly loss ever this earlier this week, Moody’s cut its rating to one step above junk on Monday, and Fitch, not wanting to feel left out of the gang bang, downgraded the company to BB+ from BBB, as well as placing it on Rating Watch Negative. Supposedly, the wheels really started to come off when Corzine began actively realizing his dream of refashioning MF-G in the likeness of his former employer but now is not the time for pointing fingers- now is the time for working the phones and selling off (part) of this bitch.

MF Global Holdings Inc. is seeking a buyer for its futures brokerage unit and is looking to strike a deal within days, said two people with knowledge of the matter. MF Global has been contacting large banks already in the futures business, said the people, who spoke on condition of anonymity because the talks are private. Under the plan being discussed, the New York-based company’s holding company and other businesses wouldn’t be included in the sale, the people said.

So far, at least one analyst would love to see Goldman profit off the situation but if anyone else would like a piece of this, please do speak up. In related news, Hank Paulson is said to have been pulling up to his Bloomberg the last few days to watch the action first hand. The birds can wait! He hasn’t laughed this hard since the time Ken Lewis thought he was joking when he threatened to break Ken Lewis’s legs in 8 different places if BofA didn’t buy Merrill Lynch.

MF Global Weighs Its Sale [WSJ]
MF Said to Seek Buyer Within Days for Futures Business [BW]
MF Global bonds rally on hopes of a deal [Reuters]
MF Said to Seek Buyer for Futures Brokerage Unit [Bloomberg]

Comments (44)

  1. 1
    Posted by Merritt Parkway | October 27, 2011 at 3:10 PM

    Trick question! Goldman of course!

  2. 2
    Posted by Merritt Parkway | October 27, 2011 at 3:13 PM

    Nothing's fucked.

    - Jim Cramer

  3. 3
    Posted by Dr_Rosenrose | October 27, 2011 at 3:18 PM

    Corzine, presently trying to sell his futures business to his past employer, is not thinking 4th dimensionally.
    -Doc Brown

  4. 4
    Posted by inlovewithpmco | October 27, 2011 at 3:25 PM

    PMCO are you going to bail them out?

  5. 5
    Posted by say on pay | October 27, 2011 at 3:28 PM

    MF has paid JC so goddam much HE should be able to buy all of MF personally.

  6. 6
    Posted by Carla Katz | October 27, 2011 at 3:43 PM

    NJ Teacher's Union to the rescue. My back, your back … scratch, scratch

  7. 7
    Posted by Anonymous | October 27, 2011 at 3:51 PM

    what is the over/under on the 6.25% 2016 bonds going "NCAA"?

    (No Coupon At All)

  8. 8
    Posted by Guest | October 27, 2011 at 3:52 PM

    in a day or so the the “vagrants, criminals and other freeloaders who have been descending on Zuccotti Park …" will be able to buy all of MF

  9. 9
    Posted by buy 5 cars dec gold | October 27, 2011 at 3:53 PM

    roughly twice over actually

    also does own 350K shares already; last print 1.40

    a partner at JC flowers which owns 6% of the common and substantially more of the prefered

  10. 10
    Posted by login | October 27, 2011 at 3:55 PM

    Pailson has a place in Chicago near me, this is where the overwhelming amount of the biz is for Man/MF

    Something Corzine was not able to grasp.

    Let's graft a bank onto a futures brokerage.

  11. 11
    Posted by ShortNaked | October 27, 2011 at 3:59 PM

    Sometimes when you win, you really lose, and sometimes when you lose, you really win, and sometimes when you win or lose, you actually tie, and sometimes when you tie, you actually win or lose. Winning or losing is all one organic mechanism, from which one extracts what one needs.

  12. 12
    Posted by Bandersnatch | October 27, 2011 at 4:00 PM

    How I hate that man!
    - Current MF shareholders and employees
    - Residents of NJ who don't work for the government

  13. 13
    Posted by blow up | October 27, 2011 at 4:16 PM

    Fine capital partners bought 4 million shares in aug-sep.

    down 75%.

    nice call "deb"

  14. 14
    Posted by streetman | October 27, 2011 at 4:25 PM

    Basically, ex-govie traders should never run investment firms…Corzine, Fuld, Glucksman, Gutfreund…ok, Mack did alright I guess…..

  15. 15
    Posted by Guest | October 27, 2011 at 4:27 PM

    Jon Corzine and Bob Nardelli are like the corporate angels of death.

  16. 16
    Posted by 3bil mark cap on IPO | October 27, 2011 at 4:30 PM

    my guess is the futures brokerage customer accounts will be sold to Interactive and they will try and make a go of it with the BD in ny. They will have all the debt. There are prefereds in front of that at 10.25%, issued relatively recently too so this was not a schocker.

    it's essentially then a play on corzine's old connections and colleagues and whatever they can do.

    He is old too by the way

  17. 17
    Posted by FKApmco | October 27, 2011 at 4:32 PM

    Thinking about it. I would need to be CEO for a while to get the ship righted. Would you like to come and work under me?

  18. 18
    Posted by Bandersnatch | October 27, 2011 at 4:37 PM

    But that gal is Fine!

  19. 19
    Posted by Bandersnatch | October 27, 2011 at 4:41 PM

    Hey, you know, fuck you, man. Any moron with an inability to assess risk can destroy a company. Raining down sulphur is like an endurance trial, man. Mass genocide is the most exhausting activity one can engage in, next to soccer.
    - Loki

  20. 20
    Posted by profanities from ab. | October 27, 2011 at 4:43 PM

    I totally read that as "Who wants to buy a piece of motherfuckin' global?"
    So I clicked.

    I love you Bess. I envision a long future with you and me, the afternoon sunset, with corona and palm trees, our own little island, just you….and me…..and the world :(

    - 18 year old college intern – business media dept.
    alphathrottle.com

  21. 21
    Posted by Guest | October 27, 2011 at 4:50 PM

    dude go pimp alphathrottle.com else where…

    p.s. sounds likes a gay porn site.

  22. 22
    Posted by profanities from ab. | October 27, 2011 at 5:18 PM

    would it have changed anything if i had written

    18 year old college intern – business media dept.
    cnbc.com

  23. 23
    Posted by guest | October 27, 2011 at 5:19 PM

    somehow I think not…

  24. 24
    Posted by guest | October 27, 2011 at 5:37 PM

    why yes, we would all have been certain you were in fact a gay pimp.

    go spend some time working at the desks and come back in ten years

  25. 25
    Posted by guest | October 27, 2011 at 6:56 PM

    Larry Fink ?

  26. 26
    Posted by inlovewithpmco | October 27, 2011 at 8:12 PM

    under you? i am already getting the visual

    xo

  27. 27
    Posted by streetman | October 27, 2011 at 8:26 PM

    MBS, but close enough…

  28. 28
    Posted by UBS guy's cousin | October 27, 2011 at 9:26 PM

    JC Flowers sucks.

  29. 29
    Posted by MeVC | October 27, 2011 at 11:25 PM

    How many openings are you looking to fill?

    -Headhunter

  30. 30
    Posted by Guest | October 28, 2011 at 2:27 AM

    Thinking about it. I would need to be CEO for a while to get the ship righted. Would you like to work and come under me?

    - there fixed it for you

  31. 31
    Posted by FKApmco | October 28, 2011 at 7:54 AM

    I lob them up and you smash them back. Thanks for playing Guest.

  32. 32
    Posted by FKApmco | October 28, 2011 at 7:56 AM

    One or two to begin with.

  33. 33
    Posted by login | October 28, 2011 at 9:25 AM

    Just broke a buck.

    It's a zero, hello LEHMAN

    FULD>CAYNE>CORZINE

  34. 34
    Posted by barry | October 28, 2011 at 10:50 AM

    now they know how NJ residents feel.

  35. 35
    Posted by inlovewithpmco | October 28, 2011 at 11:56 AM

    check yourself when talking to PMCO, this is not amateur hour

  36. 36
    Posted by MeVC | October 28, 2011 at 12:20 PM

    btw, my thoughts when you had changed your avatar to Clive was: damn, why did she have to pick such a good looking dude competing with 007.

    can our avatars have a bromance?

  37. 37
    Posted by FKApmco | October 28, 2011 at 12:44 PM

    And would that visual be with my current male Avatar? If yes, wanna have a threesome with me and MeVC?

  38. 38
    Posted by FKApmco | October 28, 2011 at 12:47 PM

    I picked Clive because if I was a man, I'd be just like him…ruggedly handsome and in touch with my feminine side. I'm down with a bromance, bro.

  39. 39
    Posted by the abuser | October 28, 2011 at 2:56 PM

    she won't let you fill the third hole uh.

    tough break

  40. 40
    Posted by inlovewithpmco | October 28, 2011 at 3:53 PM

    actually it still have the old avatar in my mind

  41. 41
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  42. 42
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  43. 43
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  44. 44
    Posted by Feerieescarse | February 11, 2012 at 8:41 PM

    Let it be, let it be…
    put your foot in your mouth this the cure (or remedy) is worse than the disease
    index of 10mg 650 650mg acetaminophen bitartrate hydrocodone

    Well done..

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