Fourth Estate Pleads the Fifth
by Gerald Celente
by Gerald Celente: CME
Group – Con-Men or a Commodities Exchange?
MF Global bankruptcy (eighth largest in U.S. history) has all but
destroyed confidence in the options and commodity markets. It is
an event with enormous implications across the worlds economic
the story may seem, in terms of rules, regulations, and legalities,
there is one chief element that is crystal clear. But that one element
the role played by CME Group (Chicago Mercantile Exchange)
in the debacle has been all but ignored by the media. Instead,
most of their attention has been focused on an estimated $1.2 billion
of missing money, and allegations that MF raided segregated customer
accounts, in violation of industry rules, to cover the bad high
risk bets made by CEO Jon Corzine.
But why the
hands-off, kid-glove treatment afforded CME, which has put itself
on record as guarantor of transactions undertaken by
one of which was MF Global?
video, CMEs Executive Chairman Terry Duffy has boasted,
No customer has every lost a penny as a result of a clearing
member default. Duffy goes on to state 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
Mercantile Exchange or Chicago Mafia Enterprise? Whats
holding back the media from reporting on this monumental breech
of the public trust? The Trends Journal sent this
video clip to nearly 50,000 people in the media, worldwide,
on November 18th. Yet, not one of the major business, cable or mainstream
news outlets has seen fit to call out Terry Duffy who had also confirmed
that CME holds more than $100 billion of collateral to support
the transactions that are being done on our markets.
business have been ruined by the MF bankruptcy and the failure of
CME to honor its guarantee.
Where is the
press? Is the Fourth Estate Pleading the Fifth? Is there a reporter
out there that is Without fear and without favor? Where
are Bloomberg, CNBC, CNN, Fox and all the rest?
Who has stopped
the presses? The Chicago Mafia Enterprise?
is founder and director of The Trends Research Institute, author
2000 and Trend
Tracking (Warner Books), and publisher of The Trends
Journal. He has been forecasting trends since 1980, and recently
called The Collapse of ’09.
2011 Gerald Celente
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