MF Global is front and center at the U.S. Futures Industry Association’s annual conference – and hanging around attendees’ necks.
Dave Clarke also contributed to this post.
Inside the Beltway, the ability to stay on message is a coveted trait. Politicians hate letting tough questions sidetrack them from their talking points. But it turns out they don’t particularly like it when others use the same tactic on them.
The implosion of MF Global Holdings Ltd, the largest independent U.S. futures broker until it filed for bankruptcy protection on Monday, calls to mind the collapse of Refco – which in its time was the largest independent U.S. futures broker – after revelations that Refco’s CEO had defrauded his investors. (London hedge fund company Man Group Plc bought Refco’s futures brokerage just about six years ago, and later spun off its brokerage and renamed it MF Global.)