Is there a place like Money Heaven?
For years, The Chicago Mercantile Exchange would state, “no customer ever lost a penny from a customer segregated account.”
Now this was stated in a brochure written by the Exchanges. Now the Exchanges are saying there has never been an explicit guarantee of such funds. Now that MF Global has perished what do you think the Exchanges want to do? Set up an insurance fund for suckers in the future. Suckers like me. You see the Chicago-based CME Group has about provided a $550-million guarantee But it only covers about 48% of the money owed.
The rest of the alleged missing funds are not to be found. They have gone to money heaven, Well the U.S. Commodity Futures Exchange has no idea. The CME with all the back office folks can’t find it either. And the Federal Reserve Bank is clueless…maybe a lost deposit slip.
You see with all the current regulation, and surveillance it just floated away. To Money Heaven. Oh do not worry. It is waiting for you in the after life. But until then know this——
You must be a special kind of stupid to play in this CME Casino. I would suggest they bring in Donald Trump as president. Gee if you can’t trust those guys wearing Gucci shoes, whom can you trust? In the months ahead we will try and locate the 2.5 billion. But I am sure it is on this planet; not in heaven.
Neal Weintraub resides in Evanston, Illinois. He has authored four books on trading, and worked for MTV, the Disney Channel and the Chicago Mercantile Exchange. Neal received a direct commission from the President as a Public Affairs officer. Neal received degrees from Michigan State University and Ohio State University. Neal is not a broker or solicits money for investing. He blogs at Dow 12000. com