Let's start the morning with a video of Emanuel Derman being interviewed about MF Global. This is how hype in the media starts. The question effectively posed to Derman is how financial models played a role in MF GLobal failure. Derman accurately answers that it's the old funding mismatch. And where was the "market risk management"? Again, it's all about asset/liability (mis)management 101. MF Global failure has nothing to do with models. Enjoy.