The Hagstrom Report

Agriculture News As It Happens
Navigation
Commodities Futures Trading Commission

Peterson urges CFTC to use MF Global lessons in reform

As the Commodity Futures Trading Commission considered a rule on swaps today, House Agriculture Committee ranking member Collin Peterson, D-Minn., wrote the commissioners that the loss of customers’ funds in the MF Global Holdings Inc. bankruptcy shows the need to protect swaps users from similar problems. Read More...

MF Global: Corzine denies knowledge of transfer

Former MF Global CEO Jon Corzine today denied he had any knowledge of a transfer of customer money to a European affiliate, but faith in the self-regulatory system under which the futures industry operates appears to be diminishing. Read More...

MF Global: Court rules against customers, Duffy says Corzine knew of loan from segregated accounts

A New York bankruptcy court today ruled against the farmers and others who were customers of MF Global Holdings Inc., allowing MF Global to use about $21 million in cash collateral from JP Morgan Chase & Co., its largest lender, Bloomberg has reported. Read More...

Proposed House bill would fund CFTC through user fees

Democratic Reps. Rosa DeLauro of Connecticut, Peter Welch of Vermont and Leonard Boswell of Iowa said Thursday they would introduce a bill to fully fund the Commodity Futures Trading Commission. Read More...

No easy answers figuring out what happened at MF Global

Jon Corzine, the former Democratic senator and governor from New Jersey and former CEO of the bankrupt firm MF Global, was the star witness today at what must be the most widely publicized House Agriculture Committee hearing in decades. Read More...

MF Global hearings begin amidst report of possible wider financial scandal

The House Agriculture Committee holds a hearing today on the MF Global bankruptcy, only hours after the Senate Agriculture Committee published its list of witnesses for an MF Global hearing next week and Thomson Reuters reported that the diversion of client money may be much broader on Wall Street. Read More...

Sommers, Kobak, Corzine lead MF Global witness list

Jill Sommers, the Commodity Futures Trading Commission commissioner in charge of the MF Global investigation, James Kobak, the lead counsel for the trustee in charge of the MF Global liquidation, and Jon Corzine, the company’s former CEO, will be the lead witnesses when the House Agriculture Committee holds a hearing Thursday on the MF Global bankruptcy. Read More...

Corzine balks at testifying before Ag committees

Jon Corzine, the recently resigned CEO of now bankrupt commodities firm MF Global, is apparently not going to testify voluntarily before congressional committees investigating the bankruptcy and the loss of customers’ funds. Read More...

NGFA, others urge review of financial protections

The National Grain and Feed Association and 18 other groups have written Congress and the Commodity Futures Trading Commission letters urging reviews of the protections in place for farmers and other businesses using trading firms, and proposing increased regulation. Read More...

MF Global troubles dominate Senate Ag hearing

The bankruptcy of MF Global, the missing $1.2 billion from its customer accounts, and whether futures markets are safe places to transact business may have become bigger issues than the next farm bill in rural America, but neither federal regulators nor senators today seemed able to reassure farmers and other users of the futures markets that those markets are safe right now. Read More...

House Ag MF Global subpoena markup Friday

House Agriculture Committee Chairman Frank Lucas, R-Okla., announced late today that his committee will hold a business meeting Friday to consider issuing a subpoena to compel the attendance of a witness at its hearing next Thursday on the MF Global bankruptcy. Read More...

CFTC sets public meeting on investment proposals, rules

As congressional committees prepare to hold hearings on the bankruptcy of MF Global and the issue of whether the international financial derivatives broker mixed client and company funds, the Commodity Futures Trading Commission (CFTC) announced that it will hold a public meeting on Monday to consider two proposals and two final rules, including investment of customer funds and funds held in an account for foreign futures and options transactions. Read More...

Senate Ag sets hearing on Dodd-Frank

Senate Agriculture Committee Chairman Debbie Stabenow, D-Mich., announced today that her committee will hold a hearing on oversight of the Wall Street Reform and Consumer Protection Act — better known as the Dodd-Frank bill — on Dec. 1. Read More...

Frozen MF Global accounts impacting rural America

The continued regulation of the futures and derivatives industry by the House and Senate agriculture committees seems to many people in the financial services business to be a historical accident, owing only to the fact that futures were initially mineral and agricultural. Read More...

CFTC commissioner publishes 'Ponzimonium'

Bart Chilton, a commissioner on the Commodity Futures Trading Commission today released a book called “Ponzimonium — How Scam Artists are Ripping Off America,” to warn consumers and investors about investment fraud. Read More...

CFTC names Sommers to head MFGI investigation

The Commodity Futures Trading Commission today announced that Commissioner Jill Sommers will be acting as the senior commissioner for the agency in matters relating to the bankruptcy of MF Global, Inc. (MFGI) and the shortfall of funds in MFGI’s segregated accounts containing customer property and funds. Read More...

Senate confirms Wetjen, Punke and Siddiqui

The Senate late Thursday confirmed three key presidential nominees who have roles in agriculture. Read More...

National Grain and Feed supports CFTC spec limits decision

The National Grain and Feed Association said today it “conceptually” supports the Commodity Futures Trading Commission’s decision Tuesday on final regulations implementing speculative position limits for agricultural and other commodities under the Dodd-Frank regulatory reform law. Read More...

Economists sign letter against food commodity speculation

A group of 461 economists from around the world has called for the G20 countries to take action against “excessive” speculation on food commodities, Oxfam America said today. Read More...

House Ag to review Dodd-Frank proposals Wednesday

The House Agriculture Committee will hold a hearing Wednesday to review legislative proposals amending Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More...

CFTC hosting commodity research conference next week

The Commodity Futures Trading Commission will host a high-level research conference on commodity markets next Thursday and Friday, the agency announced today. Read More...

Senate Ag approves Wetjen for CFTC, Baenig for USDA post

The Senate Agriculture Committee today approved the nominations of Mark Wetjen to the Commodity Futures Trading Commission and Brian Baenig to become Agriculture assistant secretary for congressional relations, a spokesman for Senate Agriculture Committee Chairman Debbie Stabenow, D-Mich., told The Hagstrom Report. Read More...

Dodd-Frank bill modification on margins introduced

Reps. Michael Grimm, R-N.Y., Austin Scott, R-Ga., Bill Owens, D-N.Y., and Gary Peters, D-Mich., introduced a bill today to modify the Dodd-Frank financial services law so that if an entity qualifies for a clearing exemption, regulators cannot impose a margin requirement. Read More...

Thompson named CFTC executive director

Commodity Futures Trading Commission Chairman Gary Gensler today announced the appointment of Tony Thompson as the agency’s executive director. Read More...

Roberts: Wetjen likely to be confirmed

Senate Agriculture Committee ranking member Pat Roberts, R-Kansas, signaled today that he believes that Mark Wetjen, President Barack Obama’s nominee for the Commodity Futures Trading Commission, will be confirmed even though a partisan battle over his nomination might be expected. Read More...

Gensler to testify at House Ag derivatives hearing

Hours after House Agriculture Committee Chairman Frank Lucas, R-Okla., announced that he will propose legislation to make changes in the Dodd-Frank financial regulations bill, Commodity Futures Trading Commission Chairman Gary Gensler announced today that he will testify Thursday before Lucas’s committee and the Senate Housing, Banking and Urban Affairs. Read More...

Senate Ag to consider CFTC nominee

Senate Agriculture Committee Chairman Debbie Stabenow, D-Mich., announced today that the committee will hold a hearing next Thursday on the nomination of Mark P. Wetjen to the Commodity Futures Trading Commission and another nominee, whose name has not been announced. Read More...

Farm groups push points on Ag appropriations bill

With the fiscal year 2012 Agriculture appropriations bill set to go before the House Rules Committee at 5:30 p.m. and to the House floor Tuesday, farm groups are lobbying furiously on a variety of provisions, but it is hard to tell if those efforts will have much impact. Read More...

Stabenow sets hearing on Dodd-Frank Title VII

Senate Agriculture Committee Chairman Debbie Stabenow announced late Tuesday that the committee will hold a hearing on the implementation of Title VII of the Wall Street Reform and Consumer Protection Act on June 15. Read More...

Crop insurance funding preserved, but other ag programs slashed in House bill

A fiscal year 2012 funding bill approved today by the House Agriculture Appropriations Subcommittee would not cut the crop insurance program as the initial draft seemed to indicate, but many other agriculture, nutrition, international food aid programs would lose money, the Commodity Futures Trading Commission would not get the funding it was expecting to enforce the Dodd-Frank financial services bill, and USDA could not move forward with a proposed rule change for the program regulating the marketing of livestock and poultry. Read More...

Ag programs, CFTC take cuts in House agriculture appropriations bill

Crop insurance, the Commodity Futures Trading Commission, nutrition programs and other key Agriculture Department programs would take cuts under the fiscal year 2012 appropriations bill that the House Agriculture Appropriations Subcommittee released late Monday in anticipation of a markup today. Read More...

Reid adviser Wetjen nominated to CFTC

The White House announced today that President Barack Obama has nominated Mark P. Wetjen, a counsel and senior policy adviser to Senate Majority Leader Harry Reid, D-Nev., as a commissioner on the Commodity Futures Trading Commission. Read More...

SPECIAL REPORT | Stabenow: Senate will proceed on its own schedule to write, finish farm bill

Senate Agriculture Commitee Chairman Debbie Stabenow, D-Mich., says the Senate will proceed on its own schedule on the farm bill and should finish the bill as quickly as possible, but she will not promise to finish the bill in 2012. Read More...

House Ag considers impact of Dodd-Frank swaps and derivatives title

The Republican and Democratic lines of questioning couldn’t have been more different Thursday when the House Agriculture Committee held a hearing to review the impact of the Commodity Futures Trading Commission’s implementation of the swaps and derivatives title of the Dodd-Frank financial services bill on farmers, co-ops, agribusinesses and other entities. Read More...