MF Global Inc.

And then you look at John Corzine.

Now, John Corzine, that's MF Global.

Okay.

And I'm not as familiar with that story, but I remember when it broke years ago.

And then you look at John Corzine.

Now, John Corzine, that's MF Global, okay? And I'm not as familiar with that story, but I remember when it broke years ago.

John Corzine was the governor of New Jersey.

Oh, really? Wow.

I guess the problems that existed there are still around in the sense that FTX was just taking customer deposits and then gambling with them.

It was just John Corzine and MF Global all over again.

That's all it was.

Yeah.

No, Revco was gone by then.

Revco had folded into MF Global by then.

He had sold the research company Sparks to Informa.

And since then, Informa has sold out to S&P Global.

And your brokerage account will get locked up.

And that happened already when the Greek bonds collapsed back in the day with the MF Global case.

So it is legit.

You don't own that money and that investment.

Oh, interesting.

You know, I take, I take you back to MF, I take you back to MF Global-

Uh-huh

... and, in 2008, and how Jon Corzine corzined the world, if you ever follow Zerohedge, and we, we act- li- literally, right, created a, an entire, um, you know, created a word out of whole cloth where Jon Corzine was mixing client money in New York with his accounts, with his London accounts, gold accounts over in Europe, and, you know, pledging it 17 times and going, you know...

Oh.

And your brokerage account will get locked up, and that happened already when the Greek bonds collapsed back in the day with the MF Global case.

So it is legit.

You don't own that money and that investment.

And so, if a borrower came to them with covenants, they wanted to know why that is the case.

Another illustration of this came, uh, many years ago when our now colleague, Eric Schatzker, his team invited me to come speak because MF Global had sold bonds.

They were a triple B company with a debut bond that included a change of control prong for the departure of Jon Corzine as, uh, the leader of the company.

Obviously, a highly bespoke provision.

Uh, so they call me in on Friday.

On Monday morning, the news is MF Global is going to be fi- uh, filing bankruptcy.

Uh, the bond never even got a single coupon, and I still wonder whether the inclusion of that type of off-market covenant, uh, for Jon Corzine is actually, was actually an indicator of credit problems.

So, um, covenant's not good or bad, but words on the page, and it's the words that matter.