Skip to comments.Senator Shelby slams CFTC over MF Global
Posted on 12/06/2011 9:10:09 AM PST by NormsRevenge
WASHINGTON (Reuters) - The top Republican on the Senate Banking Committee on Tuesday criticized the Commodity Futures Trading Commission's handling of MF Global's meltdown and said its chief is "evading" questions about his role in overseeing the company.
Senator Richard Shelby said MF Global customers are waiting for their money to be returned while a "bewildered" CFTC searches for the funds.
"The victims of MF Global, I believe, deserve better," Shelby said.
Shelby made his comments at a Senate Banking Committee hearing on the implementation of the 2010 Dodd-Frank financial oversight law. CFTC Chairman Gary Gensler is testifying at the hearing.
Gensler said in early November that he was not participating in the investigation of futures brokerage MF Global so he would not become a distraction or risk creating an appearance of a conflict of interest.
Gensler and Jon Corzine, who resigned as MF Global's chief executive early last month, worked at Goldman Sachs at the same time and held prominent positions. They both left the investment bank in the late 1990s.
"Holding the CFTC accountable for its regulatory failures, however, will not be an easy task," Shelby said. "Already Chairman Gensler has been evading questions about his role in the regulation of MF Global."
Shelby has requested that the CFTC's inspector general look into the agency's oversight of MF Global including Gensler's decision to recuse himself from the investigation.
(Excerpt) Read more at news.yahoo.com ...
It looks like DElay'Deny'Stall&Divert'em Inc. will be working Fast&Furious on this one over the holidays.
The ripple effect?
MF Global fallout delays U.S. farm seed, land deals
CHICAGO (Reuters) - For the first time in 25 years, Minnesota farmer Dean Tofteland has missed his deadline to buy seed for next spring’s corn and soybean crops.
With $200,000 of his money yet to be returned from the accounts of MF Global, his former broker, the 49-year-old farmer has missed a $5,000 discount for early buyers, and is watching friends and neighbors snap up the best varieties of seeds.
In the latest sign of how MF Global’s failure is continuing to cascade across the commodity industry, Tofteland and other farmers who have yet to recover more than a third of their money from the bankrupt broker now find themselves in a cash crunch that risks rippling far beyond the futures market.
Some farmers have had to postpone purchases of land or equipment. Tofteland still expects to sow his 1,000 acres in the southwest corner of the state, but may have to borrow money to do so.
I thought Sarbanes-Oxley and Dodd-Frank were supposed to make sure these things never happen again.
When Shelby gets done ranting about the CFTC for personal ratings he will turnover his paperwork to SEC and ask them to do something. If he was investigating SEC, same thing would happen but he would be turning his paperwork to CFTC asking them to do something.
Bunch of do-nothing losers.
I’m sure they will really really embarrass Corzine really good this week.
As Truckers say, “Shelby is all horn and no driveshaft!” He’s 76 years old and has been in the Senate for 25 years. He’s up for re-election in 2016, which means the dunces in Alabama just re-elected him last year. Come on, Alabama, you are on a roll with your anti-illegal law, get with it and find a replacement for this turd.
I know of some farmers who had unknowingly had their trades cleared through these people.
Those trades are what the farmers use to offset and hedge risk or lock in this years record profits.
Now it's all gone poof it appears.
Really some people should be shot it sounds like.
CFTC, just another mob overseer. Purpose of most overseers/USG: the USA rape and pillage to continue.
Senators are outraged about CFTC and MF funds - but where the heck are they on sham speculaor oil trading that has driven up the price of gasoiline in the middle of worst recession since the 19020s? How the heck do commodities like flour, coffee and gasoline rise when consurmers are not buying? Where are these questions by the outraged senators and congressmen?
We here in Bama have no problem replacing the inept.
Term Limits, please.
We swept “our house clean” in 2010.
Thank you for your concern.
BTW, What has being a septuagenarian got to do with anything?
——Really some people should be shot it sounds like. ——
Better they should be drug until pink goo and white splinters
Once around the mall should do the job