GO
Loading...

Enter multiple symbols separated by commas

Regulator's MF Global Priority: 'Get Back the Money'

The first priority of the Commodities Futures Trading Commission is to get the money people entrusted to now-bankrupt MF Global, Commissioner Jill Sommers told CNBC Thursday.

mf-global-hearing-1-200.jpg
CNBC

"We’re hearing from customers every day," she said. "They are losing money every day. It is our number one prority those customers get back the money that belongs to them."

Jon Corzine, MF Global's chief executive, is expected to tell Congresshis involvement in the firm's operations was limited, and that the plight of "customers, employees and investors" caught when the firm went bankrupt "weighs on my mind every day."

Sommers also testified before the House Agriculture committee, where Corzine is expected to speak later Thursday. She told the panel she did not see "red flags" in MF Global's actions until the weekend before it filed for bankruptcy.

Unlike CFTC head Bart Chilton, who told CNBC Monday the agency will likely file criminal charges against MF Global, Sommers would not comment on what comes next, although she said talk of a CFTC "insurance fund" or other policy measures to further protect commodities brokers may come up for discussion "after we know exactly what happened with MF Global."

She disputed reports that pressure from Corzine delayed approval of a CFTC rule putting tighter limits on how brokerages can use customer funds. That rule was approved Monday.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.