Corzine testimony leaves many questions unanswered

We heard testimony in the House Agriculture Committee this week on the MF Global bankruptcy to find out what went wrong and what happened to $1.2 billion of client funds held by the company.  Former CEO Jon Corzine, who was subpoenaed by our Committee, testified that he had no knowledge of what happened to the missing funds.  Among those with money at MF Global were farmers, who used the fund to hedge against income losses and changes in prices for commodities.  But the unexplained losses point to broader deficiencies in the regulation of financial markets.  More hearings will be needed in Congress to determine if existing regulations are being violated or if new policies must be added to those already in place.  In any event, we have to ensure that investors, whether in Midwest farm country or in the Northern Marianas, can have complete confidence in the integrity of the markets and those who manage and regulate our financial systems.