James Koutoulas: The WSJ came out with a report saying that JP Morgan -- surprise, surprise -- had received more customer money right before the bankruptcy than originally reported. For people who aren't following this closely, JP Morgan was not only the largest lender to MF Global, but they were also the custodian for the customer-settled funds and they were clearing and settling MF Global's trades.
It's very similar to AIG. If you look at what Jon Corzine was doing with the shadow banking system and 30-to-1 leverage using off-balance sheet derivatives -- same stuff that got AIG into trouble in 2008, and not one thing has changed in this country. Dodd-Frank really doesn't go that far toward changing the future, and neither does the watered-down Volcker Rule.
Read more: http://www.benzinga.com/content/2372080/koutoulas-jp-morgan-possessing-mf-global-customer-funds-would-be-consistent-with-the#ixzz21ejVAYOl