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| For 31 yrs I have been told and read that if there is a shortcoming in a clearing firms segregated funds that the CME would make up the difference.
I don't ever remember them saying that they had a fiduciary duty to the stockholders first. You would have thought that at some time in that time
frame I would have inadvertently picked that message up in the conversation or in the things that I have read. That lack of learning ability explains
why I was just barely smart enough to graduate from high school let alone be allowed into a college. I am sick of these people talking out of both sides
of their mouth. This jewel below is an excerpt from Bloomberg.
IT'S STILL UNCLEAR WHETHER CME will put its commodity-futures customers first—or its shareholders. The company has set aside a $550 million reserve for MF Global customers, and it has cash balances of more than $1.1 billion that it could tap, if needed. But CME Group's chief operating officer, Bryan Durkin, said last week that CME wouldn't guarantee the funds that remain missing from customer accounts at MF Global after they are reimbursed by the bankruptcy trustee. Such a move would be "unwise" and the CME has a "fiduciary responsibility" to its shareholders, Reuters quoted him as saying. | |
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I guess I misunderstood.
