I got a New Deal…not for you but for me and people in my industry…Here is how it works…

You think you’re a player, you think you understand the market, so you put your money in an account.  The custodian of your account gets into some trouble because he is a player and  before the regulators can shut him down he sends your money to, oh I don’t know, JP Morgan, and now your account is empty and you can’t get your money back.

But you are smart and you hire a lawyer, who talks to regulators who talks to JP Morgan.  And JP Morgan has no idea what you are talking about.

Have I got a solution for you!  I’ll let you auction off the right to claim your money so that you can recoup at least some of your money back—because I am assuming that getting at least some of it back is a win for you.

And since I am assuming your risk by throwing you 60 cents on the dollar, I am hoping this turns into a win-win for both of us.

And really—isn’t that fair?

Then once I have won the bid for your claim, I’ll walk over to my friends at say, JP Morgan and see if they can’t find that paperwork for a fee.

And that is the new deal—and it is a win-win-win.

I call this new deal :  MF Global.