Senator Shelby slams CFTC over MF Global - News and Current Events | futures io social day trading
futures io futures trading


Senator Shelby slams CFTC over MF Global
Updated: Views / Replies:607 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Senator Shelby slams CFTC over MF Global

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

Senator Shelby slams CFTC over MF Global

(Reuters) - The top Republican on the Senate Banking Committee on Tuesday criticized the Commodity Futures Trading Commission's handling of MF Global's meltdown and said its chief is "evading" questions about his role in overseeing the company.

Senator Richard Shelby said MF Global customers are waiting for their money to be returned while a "bewildered" CFTC searches for the funds.
"The victims of MF Global, I believe, deserve better," Shelby said.

Shelby made his comments at a Senate Banking Committee hearing on the implementation of the 2010 Dodd-Frank financial oversight law. CFTC Chairman Gary Gensler is testifying at the hearing.
Gensler said in early November that he was not participating in the investigation of futures brokerage MF Global so he would not become a distraction or risk creating an appearance of a conflict of interest.

Gensler and Jon Corzine, who resigned as MF Global's chief executive early last month, worked at Goldman Sachs at the same time and held prominent positions. They both left the investment bank in the late 1990s.
"Holding the CFTC accountable for its regulatory failures, however, will not be an easy task," Shelby said. "Already Chairman Gensler has been evading questions about his role in the regulation of MF Global."

Shelby has requested that the CFTC's inspector general look into the agency's oversight of MF Global including Gensler's decision to recuse himself from the investigation.
MF Global collapsed in October after it was forced to reveal that it had made a $6.3 billion bet on European sovereign debt.

Before the collapse, MF Global had nearly a half dozen regulators policing various parts of the firm, including the CFTC, the Securities and Exchange Commission and industry watchdogs such as the Chicago Mercantile Exchange. But no single regulator was responsible for the whole company.

Investigators have been scouring the company's books, described as messy and unorganized. The customer fund shortfall has been estimated at up to $1.2 billion by the trustee liquidating the company.
Also at the hearing, Senate Banking Committee Chairman Tim Johnson urged regulators to pick up the pace and finish major rules required by Dodd-Frank.

Those rules include new powers to oversee the largest financial companies, restrictions for packaging loans into securities, and a ban on banks making trades with their own money, or proprietary trading.
"While our economy is starting to show signs of recovery from the financial crisis, the ongoing turmoil in Europe is a stark reminder that we must continue to monitor threats to financial stability," Johnson said. "Until the new rules are implemented, our financial system and our economy remain vulnerable to these threats."


Senator Shelby slams CFTC over MF Global | Reuters

Reply With Quote

Reply



futures io > > > > Senator Shelby slams CFTC over MF Global

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
MF Global situation GaryD Reviews of Brokers and Data Feeds 100 July 1st, 2015 04:59 AM
Regulators approve 'MF Global Rule' kbit News and Current Events 0 December 5th, 2011 03:33 PM
CFTC set to vote on rule opposed by MF Global kbit News and Current Events 0 December 5th, 2011 11:06 AM
Any experience with MF Global / Man Financial? Laurus12 Reviews of Brokers and Data Feeds 20 November 12th, 2011 05:10 AM
CEO Corzine steps down at MF Global kbit News and Current Events 0 November 4th, 2011 02:19 PM


All times are GMT -4. The time now is 06:54 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-14 in 0.07 seconds with 19 queries on phoenix via your IP 54.226.227.175