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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-28-11 02:10 PM
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78. MF Global customers taking case to Washington

MF Global Holdings Ltd. customers are preparing to bring their grievances over the firm's failure to Washington. "There wasn't anybody who was advocating for customers," said John Roe, a principal with BTR Trading Group, who has started a group called the Commodity Customer Coalition. The group, which represents customers who hold more than 7,000 MF Global accounts, is revving up a lobbying effort as Congress prepares to grill regulators on the MF Global bankruptcy and a shortfall of customer funds that could total $1.2 billion, twice what was originally thought. It also could turn to the courts as part of its effort to get customer funds back.

Roe, who trades for clients and on his own account, said he has over $10 million of his own money and his clients' money still stuck in MF Global. One complaint Roe has is with how the Commodity Futures Trading Commission is handling the fund recovery process. He said the agency shouldn't have turned to the Securities Investor Protection Corporation trustee because SIPC is designed to protect securities customers...SIPC provides insurance to securities customers in the event of a broker-dealer failure where there is a shortfall in customer funds, but there is no equivalent for the futures industry. Donald Horwitz, an attorney with compliance and regulatory consultancy Oyster Consulting LLC, said maybe the futures industry needs a similar entity...Horwitz said that the futures industry has argued against insurance because futures firms have always properly managed customer money. But in light of MF Global, he says that now seems to be a false premise. An insurance fund is certainly part of the discussion about what should be done in the wake of MF Global, said Dan Driscoll, chief operating officer of the National Futures Association, a self-regulatory body for the industry. "One of the arguments against having an insurance program is that just to administer it costs money and ultimately those costs get passed on to customers," Driscoll said...

CFTC Chairman Gary Gensler and SEC Chairman Mary Schapiro are scheduled to testify before the Senate Agriculture Committee on Dec. 1. A House Financial Services subcommittee will hold another hearing on MF Global, to which they have invited regulators as well as former MF Global chief executive Jon Corzine, on Dec. 15...Roe said he is appealing to lawmakers to add his group to the list of speakers for the Dec. 15 hearing.
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  -STOCK MARKET WATCH, Monday, November 28, 2011 Pale Blue Dot  Nov-28-11 06:06 AM   #0 
  - Today's Report  Pale Blue Dot   Nov-28-11 06:07 AM   #1 
  - New U.S. home sales at 307,000 rate in October  Roland99   Nov-28-11 09:30 AM   #42 
  - September sales revised down to 303,000 rate  Roland99   Nov-28-11 09:30 AM   #43 
  - Oil rises above $99 in Asia as stock markets gain  Pale Blue Dot   Nov-28-11 06:08 AM   #2 
  - I paid $3.04 yesterday  Demeter   Nov-28-11 07:26 AM   #20 
     - And I thought my $3.51/gal this morning was a good deal!!  Juneboarder   Nov-28-11 12:22 PM   #51 
        - You must be in California, Hawaii or Guam  Demeter   Nov-28-11 01:26 PM   #66 
        - What do you call a waffle all covered in sand???  Juneboarder   Nov-28-11 01:43 PM   #72 
        - $2.97 here in Houston....  AnneD   Nov-28-11 01:49 PM   #74 
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  - Europe stocks rise on hopes for debt-crisis action  Roland99   Nov-28-11 06:13 AM   #5 
  - Global economic recovery petering out: OECD  xchrom   Nov-28-11 06:27 AM   #8 
  - DOW futures +244  DemReadingDU   Nov-28-11 07:08 AM   #16 
     - That's hilarioius ...  bread_and_roses   Nov-28-11 07:22 AM   #19 
        - I'm glad you said it...  CoffeeCat   Nov-28-11 02:31 PM   #79 
  - If they think they can stop worrying about Europe  Demeter   Nov-28-11 07:28 AM   #21 
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        - Local Snewz had been hyping every day ie  kickysnana   Nov-28-11 09:19 AM   #40 
        - Ayuh  Po_d Mainiac   Nov-28-11 09:23 AM   #41 
           - Foot traffic is good....  AnneD   Nov-28-11 10:27 AM   #46 
              - My God! You'd Better Report in Frequently  Demeter   Nov-28-11 12:20 PM   #50 
              - Weekend access to the internet is a bit spotty....  AnneD   Nov-28-11 01:01 PM   #55 
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              - Two second rule...  AnneD   Nov-28-11 01:35 PM   #70 
              - The "Two Second Rule" is a rule of body physics NOT the law  happyslug   Nov-28-11 01:42 PM   #71 
                 - Yes...  AnneD   Nov-28-11 02:08 PM   #77 
              - Thank you for the lesson  Demeter   Nov-28-11 01:44 PM   #73 
                 - MP here also, Demeter  Tansy_Gold   Nov-28-11 03:25 PM   #82 
                    - Doggies  DemReadingDU   Nov-28-11 07:54 PM   #96 
                       - I have four already!  Tansy_Gold   Nov-28-11 08:28 PM   #98 
                       - I have used dogs for years....  AnneD   Nov-29-11 08:09 AM   #99 
              - Duplicate post  happyslug   Nov-28-11 01:14 PM   #58 
  - good morning -- i hope every one had a good holiday weekend?  xchrom   Nov-28-11 06:12 AM   #4 
  - Good morning, x. I'm barely alive  Demeter   Nov-28-11 07:32 AM   #24 
  - i was wondering how things went.  xchrom   Nov-28-11 07:36 AM   #26 
     - Thanks, Same to You!  Demeter   Nov-28-11 08:16 AM   #34 
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     - Your things are so pretty.....  AnneD   Nov-28-11 01:10 PM   #56 
        - Thank you!  Tansy_Gold   Nov-28-11 03:28 PM   #83 
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  - The crash that has rocked Lithuania  xchrom   Nov-28-11 06:44 AM   #14 
  - If other nations can arrest banksters  Demeter   Nov-28-11 07:34 AM   #25 
     - it's a wonder, isn't it? nt  xchrom   Nov-28-11 07:37 AM   #27 
     - Because in the US  Turbineguy   Nov-28-11 07:41 AM   #29 
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     - Because the financial crisis of 2008 was....  Hotler   Nov-28-11 10:35 AM   #47 
  - Retailers facing gloomy Christmas  xchrom   Nov-28-11 07:07 AM   #15 
  - So...  AnneD   Nov-28-11 01:17 PM   #61 
  - Pensioner expats continue to leave the UK and more claim the Winter Fuel Payment  xchrom   Nov-28-11 08:03 AM   #30 
  - Look for this as a new way ....  AnneD   Nov-28-11 09:55 AM   #45 
  - Regions to shore up finances with drastic 2012 budget cuts  xchrom   Nov-28-11 08:07 AM   #31 
  - Plan to tap pension cash to help ailing economy  xchrom   Nov-28-11 08:09 AM   #32 
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  - Uppity Chinese workers.  Hotler   Nov-28-11 11:17 AM   #49 
     - Proving once again that Workers are Fast Learners  Demeter   Nov-28-11 12:25 PM   #52 
  - Nikkei climbs on US holiday sales, Italy aid hopes  xchrom   Nov-28-11 08:52 AM   #39 
     - Are people stupid?  CoffeeCat   Nov-28-11 02:39 PM   #80 
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  - Looking Beyond Election Day by: Robert Reich  Demeter   Nov-28-11 01:15 PM   #59 
  - The November 30 Strike: Will Britain Shutdown?  Demeter   Nov-28-11 01:17 PM   #60 
  - The Obama Spending Non-Surge Paul Krugman  Demeter   Nov-28-11 01:20 PM   #62 
  - Jean Pisani-Ferry: Eurozone is on the way to fiscal union (HE WISHES)  Demeter   Nov-28-11 01:22 PM   #63 
  - It's certainly on the (slow-moving) agenda, Demeter. n/t  Ghost Dog   Nov-28-11 04:45 PM   #87 
     - It Will NEVER Happen  Demeter   Nov-28-11 06:13 PM   #92 
  - Investment bankers move in on Iraq  Demeter   Nov-28-11 01:23 PM   #64 
  - Greeces statistics chief faces criminal probe  Demeter   Nov-28-11 01:24 PM   #65 
  - Europes banks feel funding freeze  Demeter   Nov-28-11 01:29 PM   #67 
  - China eyes western infrastructure  Demeter   Nov-28-11 01:30 PM   #68 
  - OECD warns of eurozone contagion risk  Demeter   Nov-28-11 01:31 PM   #69 
  - Members Of Congress Grow Wealthier Despite Recession By Luke Johnson (IMAGINE THAT!)  Demeter   Nov-28-11 01:54 PM   #75 
  - Raw Materials Topping Equities With Economic Expansion Intact  Demeter   Nov-28-11 02:05 PM   #76 
  - MF Global customers taking case to Washington  Demeter   Nov-28-11 02:10 PM   #78 
  - Where have the MF Global customers been the last....  Hotler   Nov-28-11 03:09 PM   #81 
  - How much different than a slot machine?  RUMMYisFROSTED   Nov-28-11 03:46 PM   #84 
  - Better odds,  hamerfan   Nov-28-11 03:59 PM   #85 
  - I used to say it was easier to bet accurately on financial markets  Ghost Dog   Nov-28-11 04:56 PM   #88 
     - are you a TB fan, GD?  bread_and_roses   Nov-28-11 05:17 PM   #89 
        - Um... hang on  Ghost Dog   Nov-28-11 05:50 PM   #90 
           - I'm guessing TB as in....  Hotler   Nov-28-11 06:18 PM   #93 
              - Ah. Good observation.  Ghost Dog   Nov-28-11 06:38 PM   #95 
  - I Think that Little Last "Goose" of the DOW at the last minute is cute  Demeter   Nov-28-11 06:12 PM   #91 
     - "Cute", she says. Loaded term.  Ghost Dog   Nov-28-11 06:20 PM   #94 
        - +10  lonestarnot   Nov-28-11 08:03 PM   #97 

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