Some hedge fund managers have made big bucks trading oil futures - George Soros is one.

With such enormous bucks devoted to trading in oil and other commodities, the distortions that they cause have been exacerbated.

There are a lot worse things you can do with all your bucks than giving them to even a mediocre mutual fund - such as, for example, giving them to a mediocre hedge fund. If supporting the lifestyle of a mediocre fund manager is your favorite charity, who am I to stop you?

In America, we have subsidized private jets, big banks and hedge fund managers. Wouldn't it make more sense to subsidize kids?

MF Global used to be known as Man Financial, and it had a reasonably good reputation. It did a humdrum business placing commodities trades for fund managers as well as farmers, grain dealers and others whose livelihoods depend on the vagaries of commodity prices.

Oil futures were originally created to give heating oil dealers, gas retailers, aviation companies and other businesses a method of hedging against adverse price changes. Instead, they've become just another Wall Street plaything.