MF Global Debacle Gaining Media Traction

Finally, the media is starting to pay attention to the bigger picture of the MF Global default.  All that’s at stake here is trust in markets and faith in government oversight of the financial services industry.  Last time I checked the financial services industry accounted for a pretty big chunk of GDP.  Trusting that your money will not simply be stolen from you by its custodian is kind of the linchpin of the whole system.

At least now that it’s on the front page of Drudge people will start paying attention.

Important reading:

MF Global: Proof that the U.S. government is not able or willing to protect investors (Peter Brandt)

MF Global Trustee Says Shortfall Could Exceed $1.2 Billion (Dealbook)

Insight: Farm belt rage over MF Global could chill markets (Reuters)

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