From a former MFG client and SD reader:
Some surprises are coming Mr Duffy's way.
1. The CME undertakes in its prospectus to make customers whole in an MFG type event, so that people will trade on their exchange, generating enormous profits for the CME. They have a $8B fund set aside for this, of which $1.2B should have been used to make MFG customers whole. Duffy is on record as refusing to do so because "it might set a precedent, and more MFG events would soon deplete the fund" -can you believe the impertinence of it??? - and now this ridiculously puny "sub fund" for farmers, when there's already a fund of $8B in place - what blatant and disgraceful propaganda. The MFG class action suite recently launched could see not just the $1.2B paid out, but a huge punitive award eat into the rest of his precious and fraudulent $8B fund.
2. China is setting up an exchange to compete with the CME (PAGE). It will be backed by much more physical metal, and the Chinese Government itself will be the guarantor to make customers whole in an MFG type event (imagine the US Govt standing behind the CME, and the confidence that would generate). If Mr Corzine did the same in China, he would be swiftly executed, where instead in the US he can go before 3 senate committees, say "I don't know where the money is", and still walk the streets of New York a free man - what a fantastic farce and travesty of justice went down in this sordid event, steeped in cronyism, and political protection for the big players, and screw the little man who had his money stolen in plain criminal sight.
The Chinese exchange opens in June, and I shall be one of the first to transfer my business from the CME to the PAGE. As a non American, I am deeply disappointed in the US for allowing my money to be stolen by Corzine without jailing and prosecuting him immediately, and then standing by when the CME reneges on its legal obligations to make me whole.
I never thought the day would come when I would trust a communist Government more than the US to provide me a safe environment for my money and trading.
