"Swan, it would be a first in the United States. Has not happened to date. For that matter, you should also concede that one could conceivably get screwed over if they hold a regulated insurance policy of any kind."
What he said was 100% accurate at the time. And we still don't know how things will pan out at MF Global. It's certainly a scare for many, but no one knows how much (if any) funds will be lost in segregated accounts.