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
- 7206337 CommentsMF+Global%27s+General+Counsel+Didn%27t+Sign+JPMorgan%27s+%22This+Transfer+Does+Not+Contain+Customer+Money%22+Assurance+Letter+On+The+Off-Chance+It+Did+Even+Though+That+Is+Thing+That+Would+NEVER+HAPPEN2012-03-27+19%3A09%3A38Bess+Levinhttp%3A%2F%2Fdealbreaker.com%2F%3Fp%3D72063
- 23 May 2013 at 12:00 PM
This is a guest post written by SoFi’s CEO, Mike Cagney.
Recently, there’s been a lot of talk amongst leaders in Washington about how to improve the painful process of repaying student loans. At SoFi, we feel your pain and work hard to offer more flexible, more affordable options for our borrowers. One idea that’s getting a lot of attention is increasing the options for refinancing debt after graduation. The only lender currently focused on refinancing private and federal student loans is SoFi.
We recognized early on that borrowers who have made timely payments on their loans, graduated from school, and have a job should be able to refinance their student loans at a lower interest rate. This may be why, after resuming lending by invitation, the media became increasingly interested in what we are doing.
- 22 May 2013 at 7:00 PM
You know what they say: You can’t choose your family, but you can choose your financial planner. Or something like that. One of the great things of being in charge of your money is choosing who (if anyone) will help you manage it. The choice isn’t always an easy one. How will you know that your planner is reputable and trustworthy?
These five red flags may be good indications of whether the financial planner sitting across from you is someone you should trust with your money. LearnVest Planning also provides an innovative 7-step program for your money where you work one-on-one with a financial planner. To see if this program is right for you, start with a free financial consultation.
1. She Isn’t Certified
“There are a lot of good planners out there who aren’t Certified Financial Panners™,” says Samantha Vient, CFP®, of LearnVest Planning Services. “However, CFPs® are required to adhere to the CFP® Board’s standards of professional conduct.
We believe it’s always a good idea to work with someone who has the CFP® designation, which is issued after completing a CFP® Board-approved personal financial planning curriculum, passing a rigorous exam issued by the Certified Financial Planner Board of Standards, meeting experience requirements and passing an ethics and background check.
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