I believe there was price manipulation. I’m not sure I believe the story off the drunken trader. There have been too many “rogue” trading incidents for any rational company not to have somebody assigned to check.
You mean beyond some idiot buying 7000 futures contracts when trading volume is very thin? Please explain your theory further.
I agree. MF Global's misadventures started not with their implosion, but a "rouge trader" who lost a lot of money in wheat futures, about a year prior to their implosion.
You can believe one of two things. Either they are not authorized to do these things and do them anyway, with no internal corporate control systems to stop them from moving around massive amounts of money, or they are doing exactly what they are supposed to be doing , and being blamed when things go bad.