Ferguson - "As you know, I was out all day today. It was nothing earth-shattering. Just a long list of mundane tasks that needed to get done. Accordingly, I had a lot of time to think. Think about trust. Honesty. Responsibility. The present. The future. All of this stuff swirling around in my mind for hours. I had an idea of what I wanted to write tonight but I didn't know if I could pull it off.
"I guess what got me started was MFing Global. OK, so I lost 3G. I can handle it. But do you know that one of your fellow Turdites lost thousands of dollars and 5000 ounces of physical silver? That's incredibly disturbing. MFing Global clients were assured that their funds were held "separately". They were assured by the CME that all would be well."
This MF Global failure is one of those things that I think we will look back in time at and point to as a key turning point. What has happened here is going to continue to reverberate for years to come.