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.

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.

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