Another week… another seven days of MF Global drama. Positions and margin were transferred from the CME’s custody to new clearing firms (so functionally, just a name change on a form that caused a major traffic jam in trading), but for many, that transfer was incomplete or held up. The CME has come out and promised $300 million to back-up the distribution of available segregated funds- but $250 million of that only matters if the trustee distributes too much, while $50 million would cover segregated fund shortfalls for CME clients alone (far short of the projected $633 million in total funds missing). A step in the right direction? Sure. Enough? Probably not. Europe continued to toy with the market, with Berlusconi dancing like a puppet in front of the cameras and Greece working towards a coalition government with their people refusing to pay taxes in the background (and some being cheered on by local officials). Don’t even get us started on American politics.
With all this nonsense going on, it seems more than appropriate to take a moment and honor better behavior- like the selfless sacrifice of so many men and women in the military. Happy Veterans Day to American Veterans! We appreciate your service!
And with that- the Weekend Reads…
And Just for Fun…
- Confused about what happened at MF Global? Jon Stewart explains it all… Perfectly (The Daily Show)
- The 11/11/11 Wedding Surge (MSNBC)
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