????美國國內(nèi)的私募股權(quán)公司也可以提供一些援助：將其變?yōu)橐患宜饺斯?，向其注入新鮮資本?？沦惽『檬撬侥脊蓹?quán)公司JC Flowers的運營合伙人。這家公司的專長就是購買陷入困境的公司，特別是金融公司。事實上，JC Flowers已經(jīng)對明富環(huán)球的期貨和大宗商品業(yè)務(wù)早已有所了解。早在2005年，當這家公司還隸屬于瑞富集團（Refco）的時候，JC Flowers就是競購者之一。這家私募股權(quán)公司最終敗給了曼恩集團（Man Group），后者后來將其剝離出去，成為今天的MF Global。

????此外，還有一些可用的戰(zhàn)略選擇。其他的獨立經(jīng)紀交易商或許會很樂意廉價獲得明富環(huán)球的客戶群。比如，2005年瑞富集團倒閉之際對其大宗商品交易部門垂涎欲滴的另一家公司：盈透證券（Interactive Brokers）。此外還有正在被興業(yè)銀行（Societe Generale）和匯理銀行（Calyon）剝離的歐洲頂級券商新際集團（NewEdge）。目光敏銳的投資者可以選擇搶購這兩家公司，創(chuàng)建一個跨大西洋的大型經(jīng)紀機構(gòu)。

????目前尚不清楚的是，哪家機構(gòu)可能有意采取這樣的行動。大型投行——比如，2008年廉價收購貝爾斯登的摩根大通公司（JP Morgan），或者最終接管雷曼兄弟公司美國業(yè)務(wù)的巴克萊銀行（Barclay's）——或許有此念想，但這兩家投行還沒有表露出進一步擴展券商業(yè)務(wù)的興趣。

????另外一家手頭確有現(xiàn)錢做交易的公司是喬恩?柯賽的老東家高盛集團。羅奇代爾證券（Rochedale Securities）的銀行業(yè)分析師博韋昨天在一份報告中稱，購買明富環(huán)球部分或全部資產(chǎn)有可能為高盛集團創(chuàng)造出一筆“意外收益”。他聲稱，高盛可能被視為過度資本化，因此它有能力輕松地消化明富環(huán)球的投資組合。他還把花旗集團 （Citigroup）和加拿大的幾家大型銀行作為其他的潛在買家。

????無論情況如何，喬恩?柯賽都必須使出渾身解數(shù)，及時達成一筆交易。畢竟，于他而言，辦妥此事同樣有著非常私人化的原因。桑德勒?奧尼爾投資銀行（Sandler O'Neill）的分析師理查德?雷佩托昨天在一份報告中稱，此事“關(guān)乎柯賽先生的口碑”，“他是體面離開，還是狼狽出局”。在位短短17個月就摧毀一家經(jīng)紀交易商，以這樣的形象被外界所銘記恐怕不是喬恩?柯賽職業(yè)生涯告別演出的目的吧。

????譯者：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.