MF Global General Counsel Laurie Ferber twice resisted providing assurances to JPMorgan Chase that the company was complying with rules to segregate customers’ collateral, saying language in a draft provided by the bank was too broad. JPMorgan was “specifically interested in two transfers” that occurred the morning of Oct. 28, Ferber said in testimony prepared for a House Financial Services subcommittee hearing tomorrow. The first was a $200 million transfer from a segregated account at the firm’s brokerage to a “house” account, followed by a move of $175 million from the house account to a London subsidiary’s account at JPMorgan, she said. “Although I had no reason to believe that any non- compliant transfers from segregated accounts had occurred or would occur, I did not think that any individual officer or employee should be asked to issue such a broad certificate,” Ferber said in in her testimony. Any employee making such an assurance would have had to personally handle all the transfers or been able to review all the transactions within the available timeframe, she said. [Bloomberg]
- 27 Mar 2012 at 3:09 PM
MF Global’s General Counsel Didn’t Sign JPMorgan’s “This Transfer Does Not Contain Customer Money” Assurance Letter On The Off-Chance It Did Even Though That Is Thing That Would NEVER HAPPENBy Bess Levin
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