Thanks .. the world is collapsing around us, truly.
God help us ..the barbarians are inside the gate,
and there are no stops or sheriffs in town, it
and no one at Goldman Sachs gets jailed for their
travesties, they just have to pay $500M in fines, etc.
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CME Considers Clearinghouses as Investor Confidence Wanes
By Matt Egan
Published July 23, 2012
Alarmed by recent transgressions in the futures industry, the CME Group (CME: 53.59, +0.08, +0.15%) told customers on Monday its exploring the idea of deploying clearinghouses to hold all customer segregated funds.
Such a move would be aimed at restoring some of the trust in the industry, which has been roiled by the collapse of MF Global last year and the July 10 bankruptcy filing by Peregine Financial Group, or PFG.
CME Group is appalled by the recent misuse of segregated funds by two firms, MF Global Inc. and PFG, particularly since there has never been anything like it in the history of the futures industry, Executive Chairman Terry Duffy and CEO Phupinder Gill wrote in a letter released on Monday.
Under the current system in place, futures brokerages hold onto customer funds but are supposed to keep this money segregated to protect it.
CME said not protecting customer funds is such a fundamental breach of trust that the current system certainly needs to be reevaluated.
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Who is protecting the citizens???