MF Global had a pretty tough first quarter as rogue trader Evan Dooley cost the firm $141 million in overnight wheat trades in February and rumors of a connection with a Bear Stearns investor pushed its stock price to below $5 on March 17. Since then, MF stock has inched its way back to the somewhat depressed levels that followed the wheat incident.
Today MF Global announced in its 2008 fiscal fourth quarter (first quarter) earnings report and tried to place a positive spin on it but the biggest item was that private equity firm J.C. Flowers & Co. LLC would make a $300 investment in MF Global.
MF reported a $71.1 million loss for the quarter and losses of $57.6 million for the fiscal year ending in March. It also reported total futures and option volume grew 38% year over year and net revenues increased by 10%.
