I know that you do not want to speculate while your investigation is still under way, but based on Mr. Duffy's testimony and other reports, it seems highly probable that customer funds were transferred out of segregated accounts and commingled with MF's own funds--I don't think anybody is doubting that at this point--probably to meet margin calls on European bond positions.
Posey discusses the probable mismanagement of customer funds by MF Global.
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When I first read the proposal that we are going to charge people with good credit more, and we are going to charge people with poor credit less, I thought it was a bad joke.
As I recall, this committee was told there wouldn't be any bank failures like this if we created the Consumer Financial Protection Bureau (CFPB). I am kind of shocked we are here if the CFPB was doing its job.
What does that suggest about the vigilance of the Federal Government to prevent financial crises?
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