EDF MF Man Global or whatever its called these days always lived by the seat of its pants.
Actually that is not true. It has been around for 200 years and survived financial disasters and wars. In the last 10 years, the brokerage arm was always thought of as a bit wide and despite a few hiccups and fines was able to spin out of the other MAN entity without huge DD alarm bells ringing. I have known brokers who worked there and some of the stories are hilarious.
So along came one of god's men, a Goldman Sacher. Boy did he mess it up. From what we can tell he thought it was a hedge fund he was running and not a brokerage business as positions were left open overnight and employees didn't know what the business they were in actually was.
Shame an historic London brokerage should be destroyed by someone from Goldman Sachs.
Nothing new there then ...
Broker takes assets from broker (marketwatch)
Italy ready to demand 100% haircuts (bloomberg)
Barcap hides toxic assets (bloomberg)
Obama creates new jobs by dumping snow on NYC.