"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput

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Monday, December 5, 2011

CFTC moves on the heels of the MFGlobal debacle

While definitely late, the CFTC is moving to bring some much wanted scrutiny and overdue regulation to the futures industry in regards to segregated customer accounts.

Here is the story from Reuters:

http://www.reuters.com/article/2011/12/05/us-financial-cftc-meeting-idUSTRE7B410420111205

CFTC approves rule on protection of customer funds
WASHINGTON | Mon Dec 5, 2011 11:21am EST
(Reuters) - The U.S. futures regulator approved on Monday a rule that puts tighter limits on how brokerage firms can use customer funds, a measure that the now-bankrupt MF Global had encouraged the agency to delay.
The measure was finalized by the Commodity Futures Trading Commission by a 5-0 vote. The rule was initially proposed by the CFTC in October 2010.


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4 comments:

  1. DenaliguideDecember 5, 2011 at 10:14 AM

    pretty much of a joke, as it was ALREADY supposed to be run that way.
    CFTC = can't find the criminals

    ReplyDelete
  2. sumoDecember 5, 2011 at 11:42 AM

    CFTC = criminogenic futures trading cabal

    ReplyDelete
  3. ben.roberts13December 5, 2011 at 1:41 PM

    The massive theft at MF Global left thousands stranded with no accounts and the rest scared to get into the futures markets. A cold chill over the PM market undermines any counter balance to the naked paper short selling by the bullion banks allowing them to takedown the PMs anytime they please. These markets have never been more phony or manipulated. Its a total sham, scam, and fraud from top to bottom.

    ReplyDelete
  4. pmbugDecember 6, 2011 at 4:57 AM

    It's a travesty, a sham and a mockery - a traveshamockery!

    http://www.youtube.com/watch?v=jzes12YwaTA

    ReplyDelete

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