KPMG to MF Global UK Clients: Those Yankees Are Costing You 16 Cents on the Dollar

This is progress, okay? They're doing the best they can.

[MF Global] [a]dministrators in New York and London are involved in a dispute over about $742 million of customer funds used as margin collateral for American clients trading in Europe. The U.S. trustee of MF Global Inc. wants the money to come from the client money pool, which would hamper the return of funds to U.K. clients. KPMG said if it weren’t for the MF Global Inc. claim it would have been able to return 42 cents, rather than 26 cents, on the dollar to U.K. customers. 

Please don't ask them to apologize again.

MF Global U.K. Clients Getting Initial Payout [Bloomberg]

Related articles

What Price Wrong-Doing? Sanctions Against KPMG Are Complicated

“Sell in May and go away” was an investors’ adage invoked as vacation strategy in a more genteel era. Returns in the summer were said to lag the rest of the year—and in any event, that’s how brokers justified their holiday cottages on the eastern seaboard. This year the maxim has twice failed my attempt […]