A top Senate Republican is demanding an independent investigation into how regulators monitored the financial firm MF Global, which recently underwent a massive bankruptcy.
Sen. Richard Shelby (R-Ala.), the ranking member of the Senate Banking Committee, is also asking for a probe into the decision by Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler to recuse himself from the bankruptcy fallout, given his close ties to the firm's former head, ex-New Jersey Gov. Jon Corzine.
In a letter sent Wednesday to the CFTC's Inspector General, Shelby asked for a report detailing how the CFTC monitored MF Global leading up to its high-profile failure, one of the largest in the nation's history.
The financial firm headed by the former state head and Democratic senator has come under particular scrutiny due to the fact that over a billion dollars in customer funds have gone missing, driving speculation that the firewall between customer funds and firm cash was breached in an attempt to keep the company afloat.
Read the rest of the article at The Hill
No comments:
Post a Comment