The collapse of MF Global last week proves the Federal Reserve Bank of New York needs a lesson in how to pick its friends. The New York Fed selects an elite group of primary dealers to carry out monetary policy, distributing US debt as part of its federal open market committee operations. Those who pass the test gain a unique and profitable status. In February 2010, MF Globalreceived approval. A dealer with about $1bn in capital, and previously weak operational controls, joined the Wall Street elite.
MF Global上周破產(chǎn)證明，紐約聯(lián)儲(chǔ)(Federal Reserve Bank of New York)在挑選朋友方面有必要吸取教訓(xùn)。紐約聯(lián)儲(chǔ)選出一批精英機(jī)構(gòu)作為一級(jí)交易商，來(lái)執(zhí)行貨幣政策，分銷美國(guó)國(guó)債——后者是聯(lián)邦公開市場(chǎng)委員會(huì)(FOMC)操作的一部分。通過(guò)資格審批的機(jī)構(gòu)，將獲得獨(dú)特而有利可圖的地位。2010年2月，MF Global獲批。這家擁有約10億美元資本、運(yùn)營(yíng)控制曾經(jīng)薄弱的交易商躋身華爾街精英機(jī)構(gòu)行列。