摩根大通銀行

????然而還有許多備受爭議的問題，最重要的就是失蹤資金的下落。同時數(shù)億美元的資金出現(xiàn)在摩根大通銀行（J.P. Morgan）的保管賬戶上，但是這些錢卻并沒有返還給明富環(huán)球金融集團的客戶，而客戶本來應該優(yōu)先獲得賬戶資金。投資者抱怨這種做法不合理，他們應該拿回自己的現(xiàn)金，客戶賬戶應該和經(jīng)紀公司賬戶嚴格區(qū)分開來。CME集團旗下的芝加哥商品交易所（Chicago Mercantile Exchange）是全球最大的期貨市場和明富環(huán)球金融集團的自我監(jiān)管機構，該交易所表示這種做法違反了規(guī)定。

????盡管明富環(huán)球金融集團拖欠無擔保債權人摩根大通銀行12億美元的債務，但是作為明富環(huán)球的客戶，他們的資金依然下落不明，在這種的情況下，他們本來不需要祈求摩根大通銀行凱恩。詹姆斯?庫圖拉斯稱：“我們主張，如果明富環(huán)球金融集團的混合基金來自于客戶賬戶或是非公司賬戶，摩根大通銀行就不能對資金提出所有權要求，即使他們現(xiàn)在擁有這筆錢。”目前交易量已經(jīng)受到影響，主要是因為投資者的資金遭到凍結，深受追加保證金通知的困擾，商品交易陷入困境。明富環(huán)球金融集團的破產(chǎn)受托人表示，目前有名義價值1,000億美元的300萬筆投資陷入困境。

????破產(chǎn)受托人、休斯?哈伯德-里德公司（Hughes Hubbard & Reed LLC）的詹姆斯?格里登向《財富》雜志（Fortune）表示，他已經(jīng)開始調查摩根大通銀行持有明富環(huán)球金融集團的資金，但是在調查結果尚未公布的情況下，他不會要求摩根大通銀行歸還這筆錢。摩根大通銀行發(fā)言人證實，該銀行的確持有這筆錢，由于調查正在進行，目前無意返還資金。

????有位紐約獨立交易員正在等待歸還100萬美元的失蹤資金，他說“這件事有點不對勁，你說呢？破產(chǎn)信托人應該照顧我們的利益，要求歸還資金，交給法庭處理。摩根大通為什么要抓著這筆錢不放？我不是債權人，但這本來就是我的錢。”詹姆斯?格里登本人曾經(jīng)在摩根大通工作多年，他的律師事務所經(jīng)過無記名投票承接了明富環(huán)球金融集團破產(chǎn)案，因此，他的立場不足為奇。

Roads lead back to J.P. Morgan

????But a list of contentious issues remains, and at the top is the missing money. While hundreds of millions of dollars have turned up in a custodial account at J.P. Morgan (JPM), none of those funds have been restored to MF Global clients, who should have been first in line to get them. Investors have been crying foul, and so they should. Customer accounts are supposed to be kept strictly segregated from a brokerage firm's money. According to the CME Group's (CME) Chicago Mercantile Exchange, the world's dominant futures market and the designated "self-regulatory organization" of MF Global, those rules were violated.

????Although MF Global owes J.P. Morgan $1.2 billion as an unsecured creditor, clients of MF Global whose funds are still missing should not have to beg J.P. Morgan for relief. "We're simply asserting that if MF Global commingled funds from customer accounts, or cannot properly account for them, J.P. Morgan can't lay claim to those funds as if they were their own," Koutoulas has asserted. Already, trading volumes have taken a hit because investors have been deprived of their own capital, socked with margin calls, or found live trades in limbo. According to the bankruptcy trustee, more than 3 million positions with a notional value of $100 billion were left in the lurch.

????The trustee, James Giddens of Hughes Hubbard & Reed LLC, tells Fortune he has begun an investigation into the MF Global funds held at J.P. Morgan, but he has not asked the bank to return the money, pending the outcome. A spokeswoman for J.P. Morgan confirmed the bank is holding the money and said it has no intention of releasing the funds while the investigation is ongoing.

????"There is something that's a little wrong with this, isn't there? It seems the trustee should be looking out for us, demanding this money back and going to the judge," says an independent trader in New York still awaiting $1 million of his missing funds. "Why is J.P. Morgan holding it? I am not a creditor. This is my money." Giddens himself has a long history of doing work for J.P. Morgan, which not surprisingly voted in favor of appointing his law firm to the MF Global case (and the vote was not unanimous).