But will it sell?

24 October: "NEW YORK, Oct 24, 2011 -- MF Global Holdings Ltd. (NYSE: MF), a broker-dealer providing trading and hedging solutions, has rescheduled the release of its fiscal second quarter 2012 financial results from Thursday, October 27, 2011 to Tuesday, October 25, 2011.(link)
25 October: "Strengthened capital and liquidity position. As of September 30, 2011, the company has over $3.7 billion in available liquidity, including $1.3 billion in available committed revolving credit facilities and $2.5 billion in total capital." (link)
"Over the course of the past year, we have seen opportunities in short-dated European sovereign credit markets and built a fully financed, laddered maturity portfolio that we actively manage. We remain confident that we have the resources and expertise to continue to successfully manage these exposures to what we believe will be a positive conclusion in December 2012," CEO Mr. Corzine (link
28 October: "By Oct. 28, MF Global tapped the entirety of two bank lines, said three people with knowledge of the matter speaking on condition of anonymity since the move wasn’t public" (Bloomberg)
31 October: (link)



 Lowlights mine.

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…or at least no sovereign defaults and - presto - no problems.

Reality may be as overrated as stress test results but it tends to be expensive to ignore. 10.4 billion of expense in this case – and that’s just the price of the insurance.

The involvement of the Caisse des Dépôts et Consignations has serious ramification for French residents like me: it may put an end to my wondering about curious year end spending in the commune (eg digging up the mayoral lawn and replacing a functioning sprinkler system with a new, functioning sprinkler system). 

But so it is the world over when local municipalities are preparing to justify next year’s budget by demonstrating they really needed, and so used up, this year’s.

Still, where else can one have fun with ~10.4 billion?
Or, most relevantly in current context, kissing it goodbye.


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