House Ag Schedules First MF Global Hearing

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The House Ag Committee expects to be the first to hear from Jon Corzine, the former Chief Executive officer of MF Global. The committee has scheduled a full committee hearing for December 8 to examine the MF Global bankruptcy. The House Ag Committee has put teeth in its request by issuing a subpoena to compel the attendance of Corzine. The Senate Ag Committee has set a similar hearing for Thursday, December 13

House Ag Committee Chairman Frank Lucas and Ranking Member Collin Peterson point out – the circumstances surrounding the MF Global bankruptcy are unprecedented.  They say – Jon Corzine’s testimony is critical to fulfill our objectives on behalf of our constituents, which is why we have taken this extraordinary step to ensure his attendance. It is our hope the hearing will lay the groundwork to address the situation and begin to restore confidence.

Thousands of MF Global’s customers are missing funds after the November 1 bankruptcy, the eighth largest in U.S. history. Global’s customers included farmers, ranchers, co-ops, small businesses, and individuals. An estimated 1.2-billion dollars is customer funds are in question


Source: NAFB News Service

Posted by Haylie Shipp

 

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