In a rare JPMorgan Chase story that did not mention the bank's own recent losses, DealBook reported Friday that the bank had transferred $168 million to a trustee representing former MF Global customers, to start repaying them.
Are we seeing actual positive coverage of JPMorgan? Well, that kind of depends on how you look at it: On the one hand, it's good that the bank is paying the money it owes. On the other hand, the payment sure took a while, and customers had to ask regulators to nudge JPMorgan to make the payment.. Dealbook's Azam Ahmed and Ben Protess take a studiously neutral tone on the story, so you'll have to decide for yourself.
As you'll recall, JPMorgan was an MF Global creditor to whom the commodities firm found itself in debt, and raided its own customers' accounts to cover an overdraft. Overall, MF Global lost about $1.6 billion, of which the $168 million isn't technically a part, Ahmed and Protess report: "The money, which was sent Thursday night, is part of the extra collateral that MF Global posted to assuage worried trading partners before it collapsed." But this money is supposed to make its way into the hands of former MF Global customers who lost out, so for them, this is pretty good news.
This article is from the archive of our partner The Wire.