If you talk to Koutoulas, it becomes clear very quickly that the main Goliath to his David right now is JPMorgan. “Their hands are on every aspect of this case,” he told me. He went on to explain that JPMorgan was the custodian for MF Global’s segregated customer funds and the company’s biggest lender. He also has concerns that the bank got preferential treatment in its purchase of European sovereign debt and a stake in the London Metals Exchange from the MF Global estate. And now JPMorgan is swooping in as a vulture investor, offering to buy funds claims from customers at a significant discount. The phrase “conflict of interest” hardly seems sufficient to describe JPMorgan’s involvement.