Initially the House of Klynveld wasn’t worried about any MF Global clients getting their money back. Then yesterday we learned that plenty of people were pretty cranky, including one trader who thought the firm’s efforts so far were hilarious. Now, after a number of cranky phone calls and thousands of sternly-worded emails, KPMG is apologi[z]ing for all the “disruption” since they’ve been appointed as the administrator of MF Global:
“We are working with the companies’ staff to transfer client positions wherever possible. Where exchanges and counterparties have defaulted the company under their own rules, we have worked closely with them to try to optimise the outcome,” said Richard Fleming, UK head of restructuring at KPMG. “We understand the frustration among clients and market participants at the disruption that is currently being experienced and are sorry for the inconvenience this is causing. In relation to client assets and monies held by the company we are actively working to reconcile holdings and accounts in order to enable assets to be released as soon as possible.”
So, c’mon guys; I know it’s been over 72 hours but please bear with them.
That is, in case you were worried. Reuters reports that Richard Fleming, the Head of Restructuring in the UK, said that “It’s still a large number. It’s still billions,” but so far things are moving quite nicely. “Our strategy this morning has been … where we have clients whose position is reconciled, and are due funds, then that money will flow.” Keep truckin’! [Reuters]