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The plot thickens

for MF Global

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Not your normal bankruptcy

It's an "old" story.

Or is it?

Even though Iīve been semi-obsessed with the MF Global story - someone stealing my money has a way of focusing my attention - I still learn things about the MF Global deal that still surprise me.

Like the strange choice of how the bankruptcy was handled - a choice that screwed people with what were supposed to be inviolable segregated accounts.

An important story because if this collapse becomes a template for dealing with securities account holders, itīs going to be a rough ride.