Crawford grills Corzine at AG Committee Hearing

Dec 08, 2011
Agriculture and Trade
Press

WASHINGTON – Congressman Rick Crawford questioned former MF Global CEO Jon Corzine yesterday about the $1.2 billion in missing customer funds that were invested with the company. Crawford’s questions came during the House Agriculture Committee’s public hearing to examine MF Global’s bankruptcy. The hearing marked the first public comments about the circumstances surrounding the bankruptcy from Corzine.

“As the former head of the now bankrupt company that so many trusted, what would you say to that farmer who is now facing bankruptcy? … How would you advise farmers who are in this situation” questioned Crawford.

Corzine responded with, “Congressman I am not sure that I have specific advice.”


Click above to watch Congressman Crawford question former MF Global CEO Jon Corzine

Farmers and ranchers rely on futures markets to smooth price volatility and manage the risks that are inherent to production agriculture. Businesses have confidence in futures brokerage firms because of laws that ensure customer funds used to guarantee trades must be segregated from the broker’s proprietary accounts. This separation of funds protects customers’ margin in the event that their trader defaults or files for bankruptcy. The disappearance of customer funds from MF Global has badly shaken the trust farmers, ranchers, and businesses across America place in futures trading.

Recent Posts


Jul 1, 2024
Press

Rep. Crawford Statement on SCOTUS Decision in Trump v. United States

FOR IMMEDIATE RELEASE Contact: Sara Robertson (Sara.Robertson2@mail.house.gov) Rep. Crawford Statement on SCOTUS Decision in Trump v. United States 7/1/2024 Washington, D.C. — Representative Rick Crawford (AR-01) released the following statement after the U.S. Supreme Court’s decision in Trump v. United States. “The SCOTUS decision today confirms that a President is immune from criminal prosecution for official acts within his […]



Jun 27, 2024
Economy

Steel Caucus Voices Concerns of Potential Trade Status Change for Vietnam

FOR IMMEDIATE RELEASE Contact: Sara Robertson (Sara.Robertson2@mail.house.gov) Steel Caucus Voices Concerns of Potential Trade Status Change for Vietnam 6/27/2024 Washington, D.C. – 37 Bipartisan Members of the Congressional Steel Caucus, led by Chairman Rick Crawford (AR-01) and Vice Chairman Frank Mrvan (IN-01) sent a letter to the secretary of commerce, Gina Raimondo, expressing concern about the department’s reconsideration […]



Jun 18, 2024
Immigration

Rep. Crawford’s Statement on Biden’s Mass Amnesty Order

FOR IMMEDIATE RELEASE Contact: Sara Robertson (Sara.Robertson2@mail.house.gov) Rep. Crawford’s Statement on Biden’s Mass Amnesty Order 6/18/2024 Washington, D.C. — Representative Rick Crawford (AR-01) released the following statement regarding President Biden’s plan to grant amnesty to hundreds of thousands of illegal immigrants.  “With illegal immigration soaring under President Biden’s open-border policies, straining law enforcement, public services, and resulting in […]