This article and link should be of interest as well as cause many of us to think about what's happening to the industry we choose to do business.
"The Entire System Has Been Utterly Destroyed By The MF Global Collapse" - Presenting The First MF Global Casualty
Link : http://www.zerohedge.com/news/entire-system-has-be...
The entire article should be read. This is what it says in the fifth paragraph.
I have learned over the last week that MF Global is almost certainly the mere tip of the iceberg. There is massive industry-wide exposure to European sovereign junk debt. While other firms may not be as heavily leveraged as Corzine had MFG leveraged, and it is now thought that MFG?s leverage may have been in excess of 100:1, they are still suicidally leveraged and will likely stand massive, unmeetable collateral calls in the coming days and weeks as Europe inevitably collapses. I now suspect that the reason the Chicago Mercantile Exchange did not immediately step in to backstop the MFG implosion was because they knew and know that if they backstopped MFG, they would then be expected to backstop all of the other firms in the system when the failures began to cascade ? and there simply isn?t that much money in the entire system. In short, the problem is a SYSTEMIC problem, not merely isolated to one firm.
Wyatt , You may have to copy & paste the link sorry I don't know how this works