WASHINGTON, D.C.--Senator John Thune, ranking member of the Senate Agriculture Committee's Jobs, Rural Economic Growth, and Energy Innovation Subcommittee, made the following statement regarding today's Agriculture Committee investigative hearing focused on MF Global's bankruptcy:
"Many farmers in South Dakota and throughout the nation depend on futures contracts to hedge against losses due to volatility in the market place. We need to ensure that agriculture producers regain confidence that funds in their accounts have adequate oversight. The practices conducted by MF Global and Chairman Jon Corzine are questionable at best and top company officials and those responsible for oversight of these accounts owe Congress and the American public answers. I will continue to ask tough questions to ensure that both regulators and those directly responsible for MF Global's collapse are held accountable."
Up to $1.2 billion in customer funds are still missing following MF Global's declaration of bankruptcy on October 31, 2011.