U.S. Senator Pat Roberts (R-Kan.), ranking member of the Senate Committee on Agriculture, Nutrition and Forestry, today released the following statement regarding MF Global Bankruptcy Trustee James Giddens' report:
"In December at our hearing, when John Corzine and witness after witness could not imagine what happened to segregated and sacrosanct customer accounts under their control, I suggested a simple scenario -- that the firm tapped its customer accounts to cover a demand for cash. I am pleased the Trustee has shed light on the chaos between October 26 and Halloween. When the music stopped playing, MF Global executives were caught without a chair. Apparently the firm's contingency plan was to tap customer funds in order to avoid a doomsday collapse.
"After all of the investigations are complete, I will work to ensure customer accounts are safeguarded and those responsible for MF Global's collapse are held accountable. I appreciate the hard work of the Trustee, especially for his efforts to recover missing customer funds in London. I hope that under his stewardship, victims of the MF Global collapse will be made whole."
The Senate Agriculture Committee has jurisdiction on Commodity Futures Trading Commission (CFTC) matters. The CFTC regulates commodity brokerages.