mf global, page-2

Riyder as I mentioned during the week all those in the segregated accts are not safe from other traders or even the broker . This paragraph spells it out clearly ;

"For example, even though you may deposit $10,000 with MFGA and yourself incur Margin obligations to MFGA of $4,000, some or all of the remaining $6,000 may have been used by MFGA to meet obligations it incurs in respect of its derivatives hedging activity. For a further discussion in relation to MFGA’s hedging activities and the use of client funds see sections 7.3 and 7.4 of this PDS."

CLOSE YOUR POSI'S AND WITHDRAW ALL MONEY NOW .
It was written last week MF must be sold by Monday guessing USA time or could be Europe time .
Many cfd providers in OZZ also use MF for their feeds and execution . They will also be at risk and worst case scenario [ABSOLUTE WORST CASE ] is many smaller brokers/dealers using MF will also go under .

MFG has been placing their own bets and been buying crap Europe BONDS [greece, Italy etc ] and they just took a 50% hair cut with the deal last week .
Hence partly the reason they are doomed .
I will be checking with my current cfd provider first thing Monday morning and if they have any dealing with MF I will withdraw most of my acct although I should state that I only have a paltry 1500 in it currently so not a huge loss for me to take .

cheers
ps; I'm guessing the larger cfd providers like IG and cmc which whethered the GFC will be ok but but but