MF Global Inc.: Customer Money

In a bank, when a customer deposits money into his or her account, it increases the bank's holding of cash (its asset) and its deposits (its liability, the amount it owes its depositors. The bank then uses the cash in its business (e.g., makes loans).

After MF Global filed for bankruptcy, people question whether it had used customer money. Is customer money shown on its balance sheet much like a bank?