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Former MF Global CEO Called to Testify before Senate Committee

December 5, 2011
 
 

Hearing part of ongoing investigation into circumstances surrounding MF Global bankruptcy


WASHINGTON, D.C. — U.S. Senator Debbie Stabenow, chairwoman of the Senate Agriculture, Nutrition and Forestry Committee, has called on former MF Global CEO Jon Corzine to testify before the committee at a hearing on Dec. 13. The hearing is the latest step in an ongoing investigation into circumstances surrounding the Oct. 31 bankruptcy of MF Global Holdings Ltd., the eighth largest bankruptcy in U.S. history. The Senate Agriculture Committee has oversight jurisdiction on commodity trading and its regulatory agencies.

"The farmers, small business owners and others who trusted this firm are now facing tremendous hardship and may ultimately never recover all of their money," Stabenow said. "A discovery of this magnitude demonstrates yet again the need for strong oversight and protections for consumers to prevent this sort of abuse from occurring. Anyone engaged in wrongdoing in this matter must be swiftly held accountable, to help bring justice to victims and to prevent further erosion of confidence in the financial system."


Hear more from Sen. Stabenow at the 2011 Farm Journal Forum, which will focus on "Securing Global Food Security with Sustainability" and will be held at the Capitol Hilton Hotel in Washington, D.C. The event will kick-off with a reception the evening of Monday, Dec. 5 and offer a full-day of insightful speakers and discussion on Tuesday, Dec. 6.

See the full agenda.  Learn more and register now at www.FarmJournalForum.com.


Since MF Global declared bankruptcy, large sums of the firm’s customers’ money have gone missing—it is now estimated that approximately $1.2 billion is unaccounted for. The FBI and Department of Justice recently opened criminal investigations into the MF Global bankruptcy. 

MF Global customers consisted of farmers, ranchers, small business owners and other middle class Americans. As a result of the bankruptcy, MF Global customer accounts had been frozen and many customers still cannot access their own money. It is possible that customers will never reclaim all of their money, meaning individual families could lose thousands, and in many cases tens of thousands of dollars.  

MF Global customers are also being invited to testify at the Dec. 13 hearing.

As part of an ongoing investigation into this matter, Stabenow has also convened a hearing Dec. 1 to question top officials at the Commodity Futures Trading Commission as well as the Securities and Exchange Commission about their oversight of MF Global, and to examine whether the protections in place to prevent a catastrophe of this sort are adequate.

 

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RELATED TOPICS: Policy, Farm Journal Forum

 
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COMMENTS (3 Comments)

bigs1007 - Mesa, AZ
MF Global customers should, and better not, lose one red cent from their account. Through no fault of their own, their account was ransacked. Trades that could have been made were not because clients did not have money in their account. There should be a class action lawsuit to recover not just 100% of the missing money, but also a settlement for trades not taken. Corzine and the other head thieves should pay up with their own money. They have millions. 99% of us struggle on a day to day basis.
5:12 PM Dec 13th
 
gibby - WI
The cme and other exchanges need to step up to the plate and replace the missing money they are the ones who fight goverment regulation in this industry. That is why we have no ins. on our accounts. Who will be willing to leave money in their accounts if there is no protection.
1:42 PM Nov 28th
 
gibby - WI
The cme and other exchanges need to step up to the plate and replace the missing money they are the ones who fight goverment regulation in this industry. That is why we have no ins. on our accounts. Who will be willing to leave money in their accounts if there is no protection.
1:42 PM Nov 28th
 



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