Stabenow sets second hearing on MF Global
November 28, 2011 | 12:19 PM | Filed in: Senate Ag Committee Trade
Senate Agriculture Committee Chairman Debbie Stabenow, D-Mich., announced today that she will hold a second hearing on bankruptcy of MF Global Holdings Ltd., and that she has called on MF Global CEO Jon Corzine, a former U.S. senator from New Jersey and former governor of that state, to testify.
The hearing date is Dec. 13. MF Global customers will also be invited to testify.
“The farmers, small business owners and others who trusted this firm are now facing tremendous hardship and may ultimately never recover all of their money,” Stabenow said in a news release.
“A discovery of this magnitude demonstrates yet again the need for strong oversight and protections for consumers to prevent this sort of abuse from occurring,” she said. “Anyone engaged in wrongdoing in this matter must be swiftly held accountable, to help bring justice to victims and to prevent further erosion of confidence in the financial system.”
Stabenow is also holding a hearing Thursday at which Commodity Futures Trading Commission Chairman Gary Gensler and Securities and Exchange Commission Chairman Mary Shapiro are scheduled to testify on the MF Global bankruptcy, which is the eighth largest in U.S. history.
Senate Agriculture ranking member Pat Roberts, R-Kans., has noted that farmers and agribusinesses from his home state were among those affected by MF Global's bankruptcy, and has repeatedly called for hearings on the issue.
The hearing date is Dec. 13. MF Global customers will also be invited to testify.
“The farmers, small business owners and others who trusted this firm are now facing tremendous hardship and may ultimately never recover all of their money,” Stabenow said in a news release.
“A discovery of this magnitude demonstrates yet again the need for strong oversight and protections for consumers to prevent this sort of abuse from occurring,” she said. “Anyone engaged in wrongdoing in this matter must be swiftly held accountable, to help bring justice to victims and to prevent further erosion of confidence in the financial system.”
Stabenow is also holding a hearing Thursday at which Commodity Futures Trading Commission Chairman Gary Gensler and Securities and Exchange Commission Chairman Mary Shapiro are scheduled to testify on the MF Global bankruptcy, which is the eighth largest in U.S. history.
Senate Agriculture ranking member Pat Roberts, R-Kans., has noted that farmers and agribusinesses from his home state were among those affected by MF Global's bankruptcy, and has repeatedly called for hearings on the issue.
