MF Global: The Untold Story of the Biggest Wall Street Collapse Since Lehman
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Another spread betting firm in the UK, WorldSpreads Group, was put under an administrator on March 18. Customer accounts were frozen with a reported £13 million shortfall in client funds.
There is an old saying by Wall Street cynics: “Where are the customers’ yachts?” Today, the public can’t even find out where are the customers’ funds.
Copyright Pam Martens
Pam Martens worked on Wall Street for 21 years. She spent the last decade of her career advocating against Wall Street’s private justice system, which keeps its crimes shielded from public courtrooms. She maintains, along with Russ Martens, an ongoing archive dedicated to this financial era at www.WallStreetOnParade.com. She has no security position, long or short, in any company mentioned in this article.