Leo Melamed, the CME Group, and How (Not) to Take Delivery

Rumor has it that this man, Leo Melamed, former Chairman of the CME Group, took delivery on 2 gold futures contracts (200 troy oz.).  Instead of taking physical delivery, the CME game him two warehouse receipts.

The CME is the global exchange where futures contracts are traded, including financial, commodities, and precious metals.  Here is the Wikipedia for Leo Malamed:

http://en.wikipedia.org/wiki/Leo_Melamed