MF Global grilled again by Congress

MF Global bankruptcy saga continued Tuesday with another Congressional hearing which had some new wrinkles as compared to the previous.

This time we hear the Agriculture Committee, Senate not only from previous MF Global CEO Jon Corzine and federal regulators if the broker-dealer's spectacular collapse in October that the Agriculture Committee, the House did last week, but from some of the victims caught in the economic fiasco.

The hearing began with testimony from clients who had accounts with MF Global, and might never be able to get their money back because the alleged found segregated customer funds with MF Global investment money that led to 1.2 billion dollars in customer funds are still missing.

Roger Hupler, Chairman of Freeland Bean and grain, a cooperative in Freeland, Michigan, spoke to the members of the cooperative who lost money in MF Global account.

"He is not a prospect, just a responsible operator. He sells cash grain and with futures options, hedge risk, said Hupler.

Minnesota farmer Dean Tofteland offered sharp criticism about MF Global allegedly did business, which he lost over $ 300,000.

"The call" illegal comingling "on Wall Street is called" stealing "back on the Main Street," said Tofteland.

The two men, along with Kansas farmer C.J. sucked and Jeff Hainline, Chairman of advanced beings in Bloomington, Indiana, all agreed that the money needed to be returned immediately and new regulations needed to be in place to make sure it doesn't happen again.

After their testimony was Corzines turn. This time, he was joined in the infamous hot seat of current MF Global president and chief operating officer Bradley Abelow and its current Chief Financial Officer Henri Steenkamp.

Agriculture Committee Chair Debbie Stabenow (D-MI) full all three with variations of the same question, "where is the money?" but received only variants of the same reply, "you don't know where the money is?" from the trio.

However told Jill Sommers, a title of Commodity Futures Trading Commission's review of MF Global, Reuters on Wednesday that regulators have a better sense of where the funds went missing but has not decided if any funds are moved from customers ' accounts to the brokerage accounts were "illegitimate".

Go to the Reuters article

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