Four Bullet Points Explaining How JP Morgan Doubled Its Money From MF Global's Corpse In Seven Months
From Tyler Durden at Zero Hedge
Don't read this if you have high blood pressure or if you are a client of MF Global's, whose money is still held by JP Morgan.
1. JPMorgan is put on MF Global bankruptcy committee on November 7, 2011
2. Two weeks later, JPMorgan buys MF Global's 4.7% in LME for 39 million in a "competitive bidding" process.
3. 7 months later, on June 15 2012 the LME gets an offer for $2.2 billion from China's HKEX, making JPM's stake worth $103 million.
4. JPMorgan makes over 100% cash on cash return in 7 months while MFGlobal money is still stuck at JPM.
In the meantime, Jon Corzine was, is and will always be a free man.