KINGSTON, NY, 19 November 2011 — The Trends Journal has uncovered critical information that – in light of the MF Global bankruptcy – casts doubt on the fitness of CME Group to serve as a trustworthy derivatives and commodities exchange, and on the credibility of its Executive Chairman, Terence Duffy.
Not only has the scandalous MF Global bankruptcy (the eighth-largest in US history) wreaked financial havoc on thousands of individuals, it has single-handedly destroyed faith in the commodity markets. CME’s reputation as the financial Rock of Gibraltar, upon which the commodity markets are anchored, has now been undermined. By its recent actions, CME’s claim of being committed to guaranteeing the transactions undertaken by its members has been called into question.
As recently as 2010, Terrence Duffy boasted, “No customer has ever lost a penny as a result of a clearing member default.” Moreover, in the same press conference, Duffy stated unequivocally, "Since we are the guarantor of every transaction that happens in our markets, we have to guarantee the performance of each and every one of these contracts … To do this, we hold more than $100 billion of collateral to support the transactions that are being done on our markets.”
The evidence is irrefutable:
Mr. Duffy affirms that the CME Group is “guarantor.”
CME has a $100 billion reserve to make good any possible default by a member.
The MF Global meltdown, big as it is, is not “just another” major bankruptcy – another Lehman Brothers. It provides irrefutable proof of the tactics employed by top financial players in a prelude to the unraveling of the world’s financial system.
The Trends Journal has come up with a key, perhaps THE key. It is up to the Fourth Estate to publicize and expose CME Group, Terence Duffy, and MF’s former CEO, John Corzine, for what they are: not so much canaries, but the vultures in the mine shaft.
To schedule an interview with Gerald Celente, Trends Journal publisher, please contact: Zeke West, Media Relations, zwest@trendsresearch.com 845 331.3500 ext. 1
©MMXI The Trends Research Institute®
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