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Las Vegas, NV
Legendary Market Wizard
Experience: Advanced
Platform: Abacus, Slide Rule, HP-65
Trading: Futures, Stocks, Options
Posts: 3,621 since Aug 2010
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"As a customer, should you do business with a broker-dealer or FCM that’s chosen PwC (Pricewaterhouse Coopers) to protect your money?
I wouldn’t."
On MF Global Anniversary, Something Still Missing (CFTC remains zero for four in protecting investors) - PeterLBrandt | PeterLBrandt
On MF Global Anniversary, Something Still Missing (CFTC remains zero for four in protecting investors)
Posted by PeterLBrandt on November 2nd, 2012 Reprinted in its entirety from Forbes.
This article is a wonderful disclosure of the many cover-ups and misdealings that have occurred in the MF Global fiasco. All of us with a stake (financial or professional) in the integrity of the futures markets owe Francine McKenna an enormous debt of gratitute for the way she has researched and followed this situation for the past year.
Editor’s note: Since 2005, four Futures Commission Merchants (“FCMs” or futures and forex market brokers) have gone bankrupt — with their segregated account holders holding the bag to varying degrees. I must remind you all that segregated account holders are NOT investors in their FCMs. These bankrupt FCMs stole funds that were supposed to be safely held in bank accounts. The segregated account customers have lost their funds not from a trading position gone bad, not from an ownership stake in the FCMs, but through the actions of corrupt men and incompetent regulatory action by the federal government. Futures markets represent the only public market without the protection of a government or quasi-government agency (SIPC et al). Yet, despite these bankruptcies the federal government has done NOTHING to enact protections for investment and hedge capital held in bank accounts. The Commodity Futures Trading Commission (CFTC) is a perfect zero for four in protecting investors where it matters most.
Cheers!
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