But even for a repo, I guess what I am getting at, as I understand, and this really is not just MF Global, as I understand it, under the rules of the CFTC a week ago, or 2 weeks ago, whatever it was, everybody talks about segregated funds, that somehow the customers' money is locked away never to be touched.
Capuano discusses the misconceptions about customer funds and CFTC rules.
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Unfortunately, H.R. 5037, seems to be aimed directly at the Martin Act, and by preempting these State laws, the bill would allow small-time fraud to run rampant.
The thing I am most interested in is what has happened to the regulations that we mandated and we set deadlines for that are now--some of them--many years past that deadline.
I am a little bit more than frustrated, to be honest with you. I am kind of angry.
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