Klobuchar to MF Global: Return Minnesota Farmers' Money

Press Release

U.S. Senator Amy Klobuchar today said that MF Global CEO Jon Corzine's response to his customers' lost funds was inadequate and called on the CEO to do more to provide answers to what happened to the missing funds of more than one hundred Minnesota farmers and ranchers. After Corzine testified before the House Agriculture Committee and said he did not know where to find customers' lost funds, Klobuchar gave a speech on the floor of the U.S. Senate calling the CEO's answers "not enough" for those affected by MF Global's collapse. U.S. Representative Collin Peterson from Minnesota was the Ranking Member at today's House Agriculture Committee hearing.

"The collapse of MF Global has once again left the folks the system was supposed to protect holding the short end of the stick. Once again, Main Street is feeling the pain, and this time the heartland is bearing the brunt of it,"Klobuchar said. "Those responsible for MF Global's failure must be held accountable for their actions, and I will continue to work to ensure farmers and ranchers in Minnesota and across the country can access their much-needed funds as quickly as possible."

This week, Klobuchar voted to subpoena Corzine to testify before the Senate Agriculture Committee, where she will push for answers on what happened to Minnesota farmers' and ranchers' funds. At that hearing she will also press the Trustees office for more details on when those impacted will receive answers to the status of the missing funds. Klobuchar also successfully pressed finance watchdogs to pass a key rule reform to close loopholes in the financial system to help prevent Wall Street from gambling with customers' money.

During a Senate Agriculture Committee hearing last week, Klobuchar pressed Commodity Futures Trading Commission (CFTC) Commissioner Jill Sommers, who is leading the Commission's MF Global investigation, for answers on how funds that were supposed to be kept safe in segregated accounts could now be in jeopardy and what the CFTC can do to help farmers and ranchers gain access to their funds as quickly as possible. Klobuchar also highlighted the need to restore faith in the commodity futures market and take steps to prevent this from ever happening again.

It is estimated that more than one hundred Minnesota farmers and businesses who have critical accounts with MF Global have been unable to access their funds since the firm filed for bankruptcy in October. Klobuchar's office has been working directly with Minnesotans who lost money due to MF Global's failure and pushing to recover the funds.

Klobuchar is a member of the Senate Agriculture Committee, which oversees agricultural commodities trading, including those traded by MF Global.

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