Regulators had expressed "grave concerns" about the viability of MF Global, which filed for bankruptcy only after "no viable alternative was available in the limited time leading up to the regulators' deadline," the company's COO, Bradley Abelow, said in a court filing.
The severity with which markets and regulators reacted to MF Global's troubles may have surprised Corzine, whose affinity for risk-taking finally caught up to him after a career that took him to the top echelons of Wall Street and then into politics first as a U.S. senator.
What’s the trade?
Trader Brian Kelly thinks the biggest winner is Interactive Broker due to speculation the rival may pursue some of MF’s clients, “particularly the small to mid size hedge funds and individual traders. That's Interactive Broker's wheel house. Those kinds of money pros won’t go to a Goldman,” he says.
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Trader disclosure: On Oct 31, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Nathan is long Jan puts BAC; Nathan is long Nov & Jan puts MS; Nathan is long Jan calls NFLX; Nathan is long Jan puts INTC; Nathan has long Nov puts CSCO; Kelly is long GLD; Terranova is long APC; Terranova is long F; Terranova is long AAPL; Terranova is long FCX; Terranova is long CAT; Terranova is long AXP; Terranova is long EMC; Terranova is long IBM; Finerman owns BAC; Finerman owns GOOG; Finerman owns JPM; Finerman’s firm owns AAPL; Finerman’s firm owns YHOO and short calls; Finerman’s firm owns IBM and short calls
For Brian Kelly
Shelter Harbor Capital is long VLO
Shelter Harbor Capital is long SPY
Shelter Harbor Capital is long COL
For Todd Gordon
For Dennis Gartman
Gartman is long gold
Gartman is short Euro
For Chris Verrone
For Evan Gold
For Jim Iuorio
Iurorio is long JNJ short calls
For David Greenberg
Greenberg is long CME
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