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Wednesday, December 7, 2011

Hearing Thursday On MF Global And Where's The Money?

Thursday, December 8, 2011 – 9:30 a.m.
1300 Longworth House Office Building
Washington, D.C.
Full Committee on Agriculture — Public Hearing
Re: Examination of MF Global bankruptcy

Visit the Committee Hearing webpage for testimony and additional information as it is made available. To listen to the hearings live click here.

The Full House Agriculture Committee tomorrow will hold a hearing, “Examination of the MF Global Bankruptcy,” at 9:30 am. The hearing comes after last week the Committee voted by unanimous voice vote to subpoena former MF Global CEO Jon Corzine to testify on his role in the firm’s collapse.

As you may know, MF Global was a large publicly traded brokerage house that ran both a securities broker-dealer that was regulated by the Securities and Exchange Commission (SEC), and a futures commission merchant regulated by the Commodity Futures Trading Commission (CFTC). On Monday, October 31st, 2011, the firm filed for Chapter 11 bankruptcy protection. Since MF Global declared bankruptcy, huge amounts of the firm’s customers’ money has gone missing—with estimates that as much as $1.2 billion was unaccounted for. The FBI is investigating possible criminal conduct related to the MF Global bankruptcy.

The House Agriculture Committee is the committee of jurisdiction over futures and derivatives markets. The objective of the hearing is to review the facts and circumstances preceding the MF Global bankruptcy and the subsequent implications for MF Global customers. For more informationclick here

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