dodd-frank and the pog, page-26

Tony

"Maybe subjectively?"

Where am I conflicted? I live in Australian. I have never worked for JPM. I have never worked for CME. I have no equity interest in either organisation.

I have absolutely nothing to gain defending them.

But I do have a niggling respect for the truth, and feel obliged to be fair, even to organisations that I have no reason to preference.

You will notice that no one has been charged civilly or criminally over the MFGlobal collapse. I doubt that anyone will be. Nothing was stolen. MFGlobal invested client money in Greek government bonds and lost money. That was stupid, but not criminally stupid.

JPM and CME executed their roles as Clearing Member and Clear by the book, but they couldn't give MFGlobal clients their money when they didn't have it. At the time, angry MFGlobal clients didn't get that and mouthed off according. That is all that anyone read in the papers or on the internet, and it is still repeated 18 months later.

Last time I look MFGlobal clients had recovered over 80 cents in the dollar, which is probably not a bad outcome.