Prolly best to just shut up

Minutes before the open this morning, MF Global Ltd released one of the stranger statements to come from a company ostensibly in a quiet period while it is pricing securities offerings.

NEW YORK—(BUSINESS WIRE)—June 19, 2008—In view of the market reaction to our first fiscal quarter 2009 update, the company would like to advise the market that our volumes and associated transactional business continue to fare very well as we continue to benefit from the exceptional volatility in the markets in which we operate.

The company regards the decline in our interest income in May to be short term in nature and the result of the current positioning of client assets which are largely in overnight government and agency securities. The company would expect interest income to return to more normal levels as we take advantage of the already higher rates.

Two hours later, the stock is off another 6.5 percent, having been down as much as 10 percent, after yesterday’s 40 percent poopage. Somebody has bladder control issues.

Disclosure: Long MF. (See MF blows another tire).

MF Global Statement Regarding Fiscal Year 2009
Press release Jun. 19 2008