Investors who are victims of crime or financial fraud might have an easier time dong background search in trying to avoid Ponzi schemes before making investments than guessing which bank, Future Commission Merchant, or broker goes bankrupt.
The "monomaniac" pursuit of profit, taken to "demoniac" extremes (two words Melville uses repeatedly) is a killing pursuit that can take every last thing -- even the ship itself (read: the nation) -- down.
About 150,000 customer accounts were frozen by the trustee in charge of liquidating MF Global. These customers face long delays in resolving this mess. You can learn some valuable lessons from this debacle.
The explosion of MF Global continues to cause ripple effects of the type we've seen before, and not in a good way, three years ago. Let me bring you up to date on this largely unreported, but still quite potent and ticking time bomb.