Klobuchar votes to subpoena former MF Global CEO - Bring Me The News

Klobuchar votes to subpoena former MF Global CEO

Democratic Sen. Amy Klobuchar has voted to give the Senate Agriculture Committee the authority to subpoena the former top executive to testify. Minnesota farmers and agriculture businesses saw critical financial accounts frozen and now worry they may be out serious cash following the collapse of the commodities trading firm. Klobuchar says those responsible should be held accountable.
Author:
Publish date:

Washington, D.C. – U.S. Senator Amy Klobuchar today voted to give the Senate Agriculture Committee the authority to subpoena former MF Global CEO Jon Corzine to testify before the Committee.

During a Senate Agriculture Committee meeting, Klobuchar pushed for a hearing featuring Corzine and other MF Global executives, along with farmers, ranchers, and other producers affected by the MF Global collapse, to discuss how to recover lost funds as quickly as possible and assess the details of the claims process.

Klobuchar said that those responsible for the MF Global failure should be held accountable for their actions, and she has been working directly with Minnesotans who lost money due to the MF Global failure to try to help them get access to funds. Last week Klobuchar grilled officials from the Commodity Futures Trading Commission (CFTC) on the MF Global collapse during a Senate Agriculture Committee hearing.

“Our farmers and ranchers need to know that when they use the market to manage risk, some Wall Street banker isn’t gambling with their savings,” Klobuchar said. “The Minnesota producers who have had their lives turned upside down due to the MF Global collapse deserve to hear answers from the CEO himself, and I will continue to work to ensure farmers and ranchers in Minnesota and across the country can access their much-needed funds as quickly as possible.”

It is estimated that more than 100 Minnesota farmers and businesses who have critical accounts with MF Global have been unable to access their funds since the firm filed for bankruptcy in October.

During a Senate Agriculture Committee hearing last week, Klobuchar pressed CFTC Commissioner Jill Sommers, who is leading the Commission’s MF Global investigation, for answers on how funds that were supposed to be kept safe in segregated accounts could now be in jeopardy and what the CFTC can do to help farmers and ranchers gain access to their funds as quickly as possible.

Klobuchar also highlighted the need to restore faith in the commodity futures market and take steps to prevent this from ever happening again.

Klobuchar is a member of the Senate Agriculture Committee, which oversees agricultural commodities trading, including those traded by MF Global.

Next Up

Related

Report: MF Global customers getting offers for their claims

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.

Former MF Global CEO to Congress: 'I simply do not know where the money is'

A former chief exec of a now-defunct commodities trading firm is testifying before U.S. leaders, who want to know how more than a billion dollars has gone missing. Many of Minnesota's farmers, ranchers and agricultural businesses had financial accounts with the trading firm. Now they've found those accounts frozen and are worried about their money.

Minnesota farmer feels 'betrayed' by MF Global

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.

MF Global owes farmers at least $100 million

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.

Bills tells Klobuchar he would have voted against Senate farm bill

Republican Senate candidate Kurt Bills appeared with U.S. Sen. Amy Klobuchar near Redwood Falls Wednesday, and said he would have voted against the farm bill passed by the U.S. Senate in June because it was too expensive. Bills, who is vying for Klobuchar's Senate seat in November, said he would support a smaller bill if its subsidies would go only to low- and middle-income farmers.

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.