MF Global (MF) has been taking a pounding in the last couple days after a huge quarterly loss in its second fiscal quarter 2012. Its GAAP net loss was $191.6 million, or $1.16 per share. Adjusted loss per share was $0.09. Since the quarterly report on October 25, MF share value has dropped about 60% to $1.45 a share as I write this. It has experienced an investment grade drop by Fitch to BB+ from BBB, or below investment grade, and S&P may do the same. This downgrade caused MF to continue its plunge. Now, customers are thinking about leaving the company, as its executives scramble to reassure investors it won't be the next Bear Stearns or Lehman Brothers. Fitch said: The low interest rate environment, which is expected to last over the medium term, and reduced commissions are hindering profitability in the firm's traditional clearing activities.