如何拯救明富环球

    美国国内的私募股权公司也可以提供一些援助：将其变为一家私人公司，向其注入新鲜资本。柯赛恰好是私募股权公司JC Flowers的运营合伙人。这家公司的专长就是购买陷入困境的公司，特别是金融公司。事实上，JC Flowers已经对明富环球的期货和大宗商品业务早已有所了解。早在2005年，当这家公司还隶属于瑞富集团（Refco）的时候，JC Flowers就是竞购者之一。这家私募股权公司最终败给了曼恩集团（Man Group），后者后来将其剥离出去，成为今天的MF Global。

    此外，还有一些可用的战略选择。其他的独立经纪交易商或许会很乐意廉价获得明富环球的客户群。比如，2005年瑞富集团倒闭之际对其大宗商品交易部门垂涎欲滴的另一家公司：盈透证券（Interactive Brokers）。此外还有正在被兴业银行（Societe Generale）和汇理银行（Calyon）剥离的欧洲顶级券商新际集团（NewEdge）。目光敏锐的投资者可以选择抢购这两家公司，创建一个跨大西洋的大型经纪机构。

    目前尚不清楚的是，哪家机构可能有意采取这样的行动。大型投行——比如，2008年廉价收购贝尔斯登的摩根大通公司（JP Morgan），或者最终接管雷曼兄弟公司美国业务的巴克莱银行（Barclay's）——或许有此念想，但这两家投行还没有表露出进一步扩展券商业务的兴趣。

    另外一家手头确有现钱做交易的公司是乔恩•柯赛的老东家高盛集团。罗奇代尔证券（Rochedale Securities）的银行业分析师博韦昨天在一份报告中称，购买明富环球部分或全部资产有可能为高盛集团创造出一笔“意外收益”。他声称，高盛可能被视为过度资本化，因此它有能力轻松地消化明富环球的投资组合。他还把花旗集团 （Citigroup）和加拿大的几家大型银行作为其他的潜在买家。

    无论情况如何，乔恩•柯赛都必须使出浑身解数，及时达成一笔交易。毕竟，于他而言，办妥此事同样有着非常私人化的原因。桑德勒•奥尼尔投资银行（Sandler O'Neill）的分析师理查德•雷佩托昨天在一份报告中称，此事“关乎柯赛先生的口碑”，“他是体面离开，还是狼狈出局”。在位短短17个月就摧毁一家经纪交易商，以这样的形象被外界所铭记恐怕不是乔恩•柯赛职业生涯告别演出的目的吧。

    译者：任文科

    A domestic private equity firm could also provide some assistance by taking the firm private and injecting it with fresh capital. Corzine just happens to be an operating partner in J.C. Flowers, a private equity firm that specializes in buying up distressed companies, especially financial companies. It turns out that J.C. Flowers already knows a bit about MF Global's futures and commodity operations as it was one of the bidders for it back in 2005 when it was then part of Refco. The private equity firm ultimately lost the bid to Man Group, which later spun it off to become MF Global.

    There are also some strategic options available. Other independent broker-dealers would love to get their hands on MF Global's customers on the cheap. Interactive Brokers, for example, was another company that sniffed around Refco's commodity division when it melted down in 2005. In addition, NewEdge, one of the top broker-dealers in Europe, is currently being spun out of Societe Generale and Calyon. A keen investor may choose to snap up both firms and create a transatlantic brokering powerhouse.

    Who might want to do that is still unclear. The large investment banks like JP Morgan (JPM), which snapped up Bear Stearns in 2008 for a song, or Barclay's (BCS), which ended up taking over the U.S. operations of Lehman Brothers, may be tempted, though neither has expressed interest in growing their broker-dealer operations any further.

    One firm that does have the cash on hand to do a deal is Corzine's old employer, Goldman Sachs. Banking analyst Dick Bove of Rochedale Securities said in a note yesterday that buying some or all of MF Global might create "a windfall profit" for Goldman. He argues that Goldman may be considered overcapitalized and therefore has the ability to easily absorb MF Global's portfolio. He also mentioned Citigroup (C) and the large Canadian-based banks as other possible suitors.

    No matter what happens, Corzine is going to have to work all his magic to get a deal done in a timely fashion. After all, he has a very personal reason to get this done right. Richard Repetto, the banking analysts from Sandler O'Neill, said in a note yesterday that this is "all about Mr. Corzine's legacy," and "whether he's viewed as going out 'on top or not.'" Being viewed as the man who crashed and burned a broker-dealer after just 17-months on the job, isn't probably what he's looking for in a swan song.