What does the collapse of MF Global portend?

Another way to put that question is, if the customer's money is gone, why hasn't Jon Corzine been arrested yet?

This item is fascinating, and disturbing.  It links to a statement by a broker who has shuttered her business and gotten out of the commodities and futures markets because she believes that they are on the brink of complete collapse.  There's also quite a bit of political hyperbole, so I'm uncertain how much to believe.

But there's no doubt that a regulatory failure of this magnitude shouldn't have happened.  Crony capitalism indeed.