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U.S. Morning Call: Iowa futures firm PFGBest collapses

Wednesday, July 11, 2012 - 02:34

July 11 - Futures broker PFGBest files for Chapter 7 bankruptcy after regulators accuse it of misappropriating funds for two years.

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One firm enters bankruptcy and another looks for a new way out. Future morning call this Wednesday futures broker PG best collapses after regulators accused of misappropriating. Funds for two years. The Iowa firms filing for chapter seven bankruptcy suggesting it is winding down. The -- downfall coming just months after the demise of fellow broker and a global. The CFTC claims defrauded customers and lied to regulators to hide a shortfall that now exceeds 200 million dollars. It gives you best founder Russell 1000 or recovering from a suicide attempt. That appears to have precipitated the crisis. Congress pushes and JPMorgan listens -- Wall Street Journal says the bank is planning to claw back okay. From former chief investment officer head unit drew and other responsible for the unit. Multi billion dollar trading loss. Congress press CEO Jamie diamond to take this -- during his testimony on the -- The paper also says JPMorgan is expected to announce the loss. Topped five billion in the second quarter with the possibility under one million in future losses. JPMorgan releasing quarterly results Thursday. Shares have yet to recover from the announcement of the trading loss in it may. Stocks look set to recover a bit after a losing streak. Dow NASDAQ S&P 500 index futures when he to a -- open. The Dow and SP down the past four sessions while gas tax lost ground in each of the last three. Ten year treasuries yielding just had a of the one point 5% -- ahead of the minutes from the last fed meeting out this afternoon. DirecTV viewers may be saying I want my MTV. Viacom has pulled its networks including music channel Nickelodeon and others from the satellite providers service. The two minute dispute over fees this standoff as the latest conflict between media companies and cable satellite providers. Over the cost of contact. DirecTV stock has risen more than 10% so far in 2012. And AMR is looking for a partner to bankrupt. Parent of American Airlines and evaluating potential mergers that US Airways jetBlue Alaska Air front here Airways and virgin America according to a source. The -- may satisfy some creditors less than impressed with and Mars standalone restructuring plan. That's your morning call this Wednesday you can follow us on Twitter at Reuters Insider. Please -- probably -- YouTube channel at Reuters dot com slash Reuters TV I'm Lisa Bernhard this is Reuters.

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U.S. Morning Call: Iowa futures firm PFGBest collapses

Wednesday, July 11, 2012 - 02:34