In Praise of For Crying Out Loud
"Endowed with strong parents and a bit of luck, Leo Melamed has made a remarkable escape from Nazi occupied Poland to building one of the pinnacles of global finance. Over four decades and more, he was the leading force in bringing his beloved 'Merc' from obscure trading pits for butter and eggs, and pork bellies to a model of electronic efficiency, handling billions of financial contracts, almost instantaneously with certainty of execution. Leo's pride in the Merc's safeguards against risk are justified by its sustained market performance in the midst of the financial crisis. For Crying Out Loud is not only a fascinating human story, but a remarkable tale of spurring innovation within a framework of prudence."
—Paul A. Volcker
"Leo Melamed has written an adventure story worthy of Hemingway. It's also a spy thriller and historic chronicle. It is the defining account of modern change that comes to an industry as old as Bedouins trading sheep on a dusty rock. Seen from the ultimate insider, we glimpse a world unseen and unknown to most of us. It is a very important work that could become a business school bible."
—Bill Kurtis, Kurtis Productions, Ltd.
"Leo Melamed provides a brilliant description and analysis of the history and evolution of Globex, the CME's electronic trading platform that transformed the way futures are traded around the world. ¿He combines political intrigue, cooperative collations, tradeoffs between personal and combined wealth incentives, and innovative ideas necessary to change the course of history of the CME. With myriad possible outcomes along the way, his story reads at times like a wondrous mystery novel. Congratulations on a marvelous book."
—Myron S. Scholes, Frank E. Buck Professor of Finance, Emeritus, Stanford University
"As a seminal figure in the derivatives industry, Leo Melamed has been a driving force in the global expansion of CME Group and futures trading. This book ably recounts the struggles and triumphs of his career, tracing its trajectory over half a century of innovation. His contribution to the effective working of financial markets cannot be overstated, and the positive impact of his ideas continues to be felt. It has been a privilege to know and work with him."
—Terrence A. Duffy, Executive Chairman, CME Group Inc.
"Melamed's book is a fascinating history of financial innovation surrounding the futures exchanges. It reveals the complex barriers to innovation, obstacles an outsider would never imagine, and shows how a spirit of flexibility, patience, and entrepreneurship can overcome them. It is also a testimony to the power of self-regulation, worth understanding at this time of calls for massive increases in government regulation of our financial markets."
—Robert Shiller, Arthur M. Okun Professor of Economics, Yale University, and Chief Economist, MacroMarkets LLC
"Leo Melamed takes us inside the boardroom to understand the politics of running the Chicago Mercantile Exchange in the context of its successful transformation from open outcry to round-the-clock electronic trading, the merger with the Chicago Board of Trade, and the transformation to a publicly traded company."
—Michael H. Moskow, Vice Chairman and Senior Fellow on the Global Economy, the Chicago Council on Global Affairs, and former president, Federal Reserve Bank of Chicago
"For Crying Out Loud is an historical account of the evolution from trading floor to electronic trading that derives its color and detail as a personal diary of Leo Melamed, who, along with his peer pioneers, guided the financial services industry through colossal changes over several decades. No one was closer to the succession of events that shifted global capital from trading pits to computer bits than Leo."
—Russell R. Wasendorf, Sr., Chairman an