A point that is often missed in the coverage of MF Global is that this is a crime in progress and not merely a bad thing that happened that has to be cleared up. Every day that customers are not made whole the crime becomes worse and damage to the industry accrues.

Doug Bry and Ernest Jaffarian understand this. It is why they ran to represent Commodity Trading Advisors and Commodity Pool Operators (CTA/CPO) on the board of the National Futures Association. It is also why they wrote a 14-page memo to the NFA board detailing the damage done by the MF Global debacle and calling on the NFA to act to restore confidence in the industry of the end users who were most damaged by the MF Global affair. (more…)