From Gonzalo Lira:
Nine weeks after its bankruptcy, the general public still hasn't quite realized the implications of the MF Global scandal.
My own sense is, this is the first tremor of the earthquake that's coming to the global financial system. And how the central banks and financial regulators treated the "Systemically Important Financial Institutions" that had exposure to MF Global—to the detriment of the ordinary, blameless customer who got royally ripped off in its bankruptcy—is both the template of how the next financial crisis will be handled, and an accelerator that will make the next crisis happen that much sooner.
... Now, what does this mean?
It means that nobody's money is safe...
Read full article...
More on the MF Global scandal:
WARNING: The MF Global "contagion" is quietly spreading
Must-read: "The entire system has been utterly destroyed by the MF Global collapse"
More outrageous details emerge about Jon Corzine, Democrats, and the MF Global collapse