CME Group cuts charitable giving, citing MF Global

[WestVirginiaRebel]

Reuters:

(Reuters) - CME Group Inc, which has given $22 million to Chicago-area schools and charities over the past five years, has stopped making grants through its main foundation, citing the collapse of MF Global Holdings Inc.

Investigators are still searching for hundreds of millions of dollars of customer funds that CME says were improperly siphoned off Pin the brokerage's final days to plug its escalating liquidity needs.

Last month, the exchange operator said it would give former MF Global customers the entire $50 million held by CME Trust, which was originally designed to help traders caught out by a broker default but that in recent years has been a mainstay of the CME's charitable giving.

"CME Group will continue to honor some previous Trust commitments going forward - even after the $50 million is paid out," CME spokeswoman Laurie Bischel said. "Though the CME Trust will be used to help customers of MF Global, CME Group remains committed to our communities and will continue to provide support to charitable organizations as possible through our other programs and corporate foundations."
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John Corzine can't recall where the money went; women and children hardest hit.

[Geee]

In some of the articles I have read about this MF global, I keep getting a drip drip about CME. I think that if the everything about this actually is uncovered CME will be involved. I mean the C DOES stand for Chicago ya know. I know that in doing research on Dodd a few years back, she was a director. I have noticed that CME gave the business brief on a couple of our local channels and that in the last week they have switched to Bloomberg