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Pete Bonds, a 59-year-old Texas rancher, doffed his cowboy hat and stepped to the microphone. He wanted to tell an executive from CME Group, owner of the world’s largest futures market, what he thought of the $100 million fund set up to help protect ranchers and farmers from another collapse like commodities broker MF Global’s last October.
MF Global's Collapse Has Ranchers Steamed - Businessweek
Seeded on Thu Feb 9, 2012 8:12 PM EST
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And the tension in the ballroom was a reminder that futures exchanges—the first one in Chicago was founded before the Civil War—were meant to protect food producers from the vagaries of the market by allowing them to hedge against volatile prices—not just to give speculators an opportunity for profit.
Welcome to the world of "big banking"...the small businessman is left in the dust...
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