Senator Roberts Renews Call for MF Global Hearing as Missing Client Funds Jump to $1.2 Billion; Corzine Should Testify

WASHINGTON, D.C. – U.S. Senator Pat Roberts (R-Kan.) today once again called on the Senate Committee on Agriculture, Nutrition and Forestry to hold a special hearing examining the MF Global bankruptcy after it was discovered that the total amount of missing client funds may have doubled to $1.2 billion. Sen. Roberts also said former MF Global CEO Jon Corzine, the Commodities and Futures Trading Commission (CFTC) and the Chicago Mercantile Exchange Group should testify before the Committee.

“Given the startling announcement today that even more client funds are unaccounted for, it is even more important that we have a hearing focusing solely on MF Global in order to learn what went wrong,” Roberts said. “Investors, farmers, ranchers and agribusinesses all over the country, including many Kansans, want their money back and they want answers.”

At issue is a hearing planned for December 1, 2011 on Dodd-Frank implementation. CFTC Chairman Gary Gensler will testify, but he has recused himself from enforcement issues on MF Global, and will therefore likely be unable to answer questions regarding the bankruptcy.

Roberts had requested a special hearing prior to the announcement that MF Global’s missing client funds are now thought to be $1.2 billion.

“While it is important to hold the hearing already announced on Dodd-Frank oversight, that topic is very different from the issues surrounding failure of MF Global,” said Roberts.

Sen. Roberts is ranking member of the Senate Committee on Agriculture Nutrition and Forestry, which has jurisdiction on the Commodities and Futures Trading Commission.


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