mf gobal debarcle explained by marcus padley

"""""You know, you deal in equities, you deal in bonds; you own the bonds, you own the equities, the money stays in your bank accounts, you deal with these big leveraged derivative platforms, your money goes in their bank accounts, and when you go bust, it's their money and you really have to read your paperwork, and that's the lesson from this."""""

...here is the transcript link....

http://www.abc.net.au/lateline/business/items/201111/s3354743.htm

...this is simply gambling and at the end of the day those who play the pokies, casino or the derivitives markets must be aware of the gambling risk here.....I have no sympathy because IMO these types of products(derivitives) only undermine the markets...these clients of MF Global are only in it for themselves and a quick buck at the expense of ordinary "mums and dad" so some win some lose now it looks like MF Global clients may lose...too bad....

....RB