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上周破产证明，纽约联储(Federal Reserve Bank of New York)在挑选朋友方面有必要吸取教训。纽约联储选出一批精英机构作为一级交易商，来执行货币政策，分销美国国债——后者是联邦公开市场委员会(FOMC)操作的一部分。通过资格审批的机构，将获得独特而有利可图的地位。2010年2月，MF Global获批。这家拥有约10亿美元资本、运营控制曾经薄弱的交易商跻身华尔街精英机构行列。
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