The current scandal involving OptionSellers.com and INT FCStone brings to mind my memories of my representation of the Chicago Board of Trade and it’s Clearing Corporation.
One of our best leaders was Karsten (Cash) Mahlmann . In his fourth year of
four one-year terms as Chairman of the Chicago Board of Trade (CBOT) his firm the Stotler Group had to file for bankruptcy. Cash had to resign as Chairman of the CBOT. It turned out that he was devoting all of his time to the representation of the entire futures industry while he trusted others to run the Stotler Group.
He and I often walked the halls of Congress together. His family and mine got to be friends when we attended the annual conference of the Futures Industry Association in Boca Raton. His little boy Conner played with my son Chris on the beaches of Boca Raton
Unlike the current situation of INT FCStone, his firm did not even try to stay afloat by extracting the money from innocent investors. This is a sad story, but it does point out the importance of having a clearing corporation with integrity.
I will always remember him as a very fine and honest man.
Michael R. McLeod