JP Morgan to buy MF Global stake in LME
By Douwe Miedema
LONDON Tue Nov 22, 2011 9:55am EST
(Reuters) - U.S. investment bank J.P. Morgan (JPM.N) is set to announce it has bought a 4.7 percent stake in the London Metal Exchange for 25 million pounds ($39.1) from defunct U.S. brokerage MF Global, a person familiar with the situation said.
An announcement could come as early as this week, the source said.
J.P. Morgan and the LME declined comment.
KPMG, the administrators for MF Global's UK unit, could not immediately be reached for comment.
"what should you do to avoid being an idiot or a swine? Merely this: You should do something great, you should lay aside all the foolishness of a more of less long existence, you should become resigned to the fact that you will seem ridiculous to a race of janitors and bureaucrats if you are to enter the service of Splendor. Then you will know what it means to be the friend of God. The friend of God!"
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