Brokers, Bagmen, and Moles: Fraud and Corruption in the Chicago Futures Markets

David Greising, Author, Laurie Morse, With John Wiley & Sons $43.5 (337p) ISBN 978-0-471-53057-2
At the Chicago Board of Trade and Chicago Mercantile Exchange, brokers and traders in a $70-billion world market trade in foreign currencies, and buy and sell options and contracts for future delivery of commodities (corn, soybeans, cattle, pork), even make speculative bets on a stock-market index. As prices gyrate, huge sums are won or lost on a quick hand gesture or shouted quote. These markets are nominally self-regulated in a benign atmosphere of congressional junkets and campaign contributions, according to this jarring expose by two Chicago journalists. But, they aver, clubby, unofficial ``floor rules'' foster illegal broker/trader profits through ``dual trading,'' after-hours price adjustments and the like. All this came to light in early 1989 after a two-year FBI investigation; indictments, trials and appeals are still underway. (July)
Reviewed on: 07/01/1991
Release date: 07/01/1991
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