The Worst Financial Scandals of the Last Twenty Years

Mike Mcleod has had a strong interest in the regulation of commodity futures since hewas the young General Counsel and Staff Director of the Senate Agriculture Committee. He drafted the Commodity Futures Trading Commission Act of 1974. That was thestatute that established the CFTC. His first client when he went into private practice was the most significant commoditiesexchange at the time, the Chicago Board of Trade (CBOT). It remained a client until itwas subsumed into the Chicago Mercantile Exchange (CME) in 2008. This happenedbecause the CME went to computerized trading while the CBOT stuck with open outcryon the floor of the exchange. This meant that there was a thong of traders screamingout orders at the top of their lungs. When one visits the CME now, there are no humanson the floor. There are only huge banks of computers. McLeod has maintained his involvement on behalf of other clients and has done probono work as well. He worked with Chairman Gary Gensler and Elizabeth Warren inproducing the Commodity Futures Modernization Act of 2000. More detail is available in both this book and his website www.mcleodaglaw.com.