WASHINGTON – Senator Chuck Grassley, along with 16 other senators, today wrote the Attorney General urging him to bring justice to the actions of MF Global executives for the potentially illegal misappropriation of funds from the segregated accounts of its commodity customers.
“If the (Justice) Department’s ongoing investigation uncovers illegal actions, criminal prosecution should be pursued without hesitation … we urge federal agents to use every legal resource available,” the senators’ letter said.
Grassley has participated in oversight hearings of the Senate Committee on Agriculture seeking information and accountability for the loss of up to $1.2 billion in customer funds, including money from Iowa farmers, grain coops and brokers.
“Establishing the specifics of what happened is key to figuring out how the system failed and how to fix it going forward. That’s in addition to the immediate task of helping to minimize the damage for farmers and other investors caught in the MF Global debacle,” Grassley said. “Executives of the brokerage firm need to be held accountable. In addition, if it’s found that the Commodity Futures Trading Commission failed to properly oversee the activities of one of the country’s largest futures merchants, then the commission has some answering to do, as well.”
Today’s letter to Attorney General Eric H. Holder Jr. was signed by Senators Max Baucus of Montana, John Thune of South Dakota, Ben Nelson of Nebraska, Grassley, Kent Conrad of North Dakota, Sherrod Brown of Ohio, Scott Brown of Massachusetts, John Barasso of Wyoming, Jon Tester of Montana, Roy Blunt of Missouri, Amy Klobuchar of Minnesota, Mark Kirk of Illinois, Mike Johanns of Nebraska, Johnny Isakson of Georgia, Dan Coats of Indiana, John Hoeven of North Dakota, and Tim Johnson of South Dakota.
to read the letter.