
Merrill Lynch Is Fined for Doing Nothing - dsri
http://www.bloomberg.com/view/articles/2016-06-23/merrill-lynch-is-fined-for-doing-nothing
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hga
Doing nothing? This is essentially what MF Global did
([https://en.wikipedia.org/wiki/MF_Global](https://en.wikipedia.org/wiki/MF_Global)),
except for the minor detail of then putting their customer's cash in _for
sure_ money losing investments, and then doubling down.

Amazingly, it is claimed that MF Global's US customers were made 98% whole,
after of course a long delay, and overseas customers 74% whole, see the end of
the introduction of the Wikipedia article. But a near total loss was expected
for a long time, and no doubt more than a little arm twisting was involved in
retrieving the money, what we believed to be the denouement of MF Global was a
grave threat to futures trading in the US.

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powera
They're not fined for doing nothing, they're fined for willfully evading the
requirements for having capital on hand through what amounts to magic tricks.

~~~
hobs
Right, the headline might be read as "Fined for doing nothing (When they were
supposed to be doing something and instead took insane action to get out of
their responsibilities while also paying off their friends to the tune of
almost a million a person)"

Doesn't get those clicks though.

