A Hot Tip For Chicago's Exchanges: Clean House

It was initially compared to the crusade against Michael R. Milken. Yet while the junk-bond czar is now behind bars, the government's effort to clean up Chicago's futures markets has bogged down. On Mar. 13, a jury declined to convict 12 Japanese-yen futures traders on the Chicago Mercantile Exchange on any of 240 counts of defrauding customers. The traders were acquitted on 139 counts, and the jury deadlocked on the remainder. Exchange officials were only too eager to crow. "We never believed we had gone wrong," exclaimed Chicago Merc Chairman John F. "Jack" Sandner.

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