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Bachmann calls for independent investigation of MF Global

Congresswoman Michele Bachmann is among Republicans calling on the Obama administration to name a special prosecutor to handle the investigation of MF Global. Top executives with the now-defunct commodities company were Democratic fundraisers. Officials are looking into the disappearance of $1.6 billion in MF Global funds.
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Congresswoman Michele Bachmann is among Republicans calling on the Obama administration to name a special prosecutor to handle the investigation of MF Global. Top executives with the now-defunct commodities company were Democratic fundraisers. Officials are looking into the disappearance of $1.6 billion in MF Global funds.

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Dean Tofteland blasted the now-defunct commodities firm MF Global in front of a Senate Ag committee Tuesday morning. The Star Tribune reports that the Luverne farmer didn't mince words when it came to how he felt about having more than $250,000 of his money frozen. More than $1 billion of MF Global's assets are unaccounted for.

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Reuters reports the Chicago Mercantile Exchange has set up a $100 million fund to help farmers and ranchers who lost money after the collapse of commodities trading firm MF Global. Many farmers and agricultural businesses in Minnesota saw their accounts frozen after the firm suddenly went belly-up.

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The New York Times reports investment firms are jockeying to buy claims off thousands of MF Global customers, which includes many Minnesota farmers. Most of those offers are for 90 percent of face value. It could spell a big change in fortune for Minnesota's farmers and agricultural business owners, many of whom had large accounts on the books with the commodities firm when it collapsed.

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