When Gerard LaRocca, a senior bank executive at Barclays Capital reviewed the Lehman Brothers bank account at JPMorgan on September 23, 2008 he noticed something odd. $7 billion from Lehman’s account at JPMorgan had “vaporized,” to coin a popular MF Global term for money disappearing when actually those involved knew exactly where it went. It ended up at JPMorgan, as Esquire Magazine, a men’s fashion and lifestyle magazine, was the one to break the business story at the time. History would, of course repeat itself as money was later illegally transferred out of MF Global customer segregated accounts that magically…
Judge Sides With JPMorgan In Lehman Bankruptcy Asset Grab
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.