An open letter to the CME

Since MF Global was a clearing member of the CME it is likely that the CME knew about the firm's financial difficulties and its positions and did nothing about it.

Here is a pretty hard hitting letter written by someone named Warren Pollock:

Open Letter to the CME To: Terrence A Duffy, Chairman CME Group As illustrated by the failure of MF Global, I am of the opinion that, the CME has not met its basic obligations to the marketplace as a “public fiduciary.” Our society depends on “basic finance” to provide “utility function” such as banking, hedging, insurance, and/or capital formation. Presently, we have an “innovative system” that degrades the integrity needed for “basic finance” to perform as required in a well-structured economy. Worse yet, our “innovative” financial system impedes the effectiveness of the greater “physical economy.” The “physical economy,” consisting of all those individuals and entities tasked with meeting actual need. The "physical economy" consists of many of your customers including farmers, manufactures and electric companies. Our society needs people working in the "physical world" to create jobs more desperately than it needs the continuity of the CME. Must we endure another market catastrophe to figure this out? Read rest of the letter here.

Has the CME become more of a liability than an asset to our financial system? I am speaking here as a former member of the exchange.