Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
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.
- JPMorgan is put on MF Global bankruptcy committee on November 7, 2011
- Two weeks later, JPMorgan buys MF Global's 4.7% in LME for 39 million in a "competitive bidding" process
- 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
- 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.
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P.S. the topic of why China is buying the world's biggest metals exchange, one which in a lovely harbinger of things to come 2 months ago very symbolically replaced Sterling settlement with Renminbi, is a different matter entirely. One which just may have to do with the fact that domestic Chinese companies have unprecedented stockpiles of everything, pledged as collateral everywhere. Collateral whose prices would be easier to manipulate if one also controlled the exchange where they all trade…
h/t Zach
