So what you do, you may never know. No one may ever know if you actually prevent a bad occurrence.
Mike Capuano
The Public Record
Mike Capuano is a former U.S. Representative from Massachusetts, serving from 1999 to 2019. A member of the Democratic Party, he represented Massachusetts's 8th congressional district. During his tenure, Capuano was known for his advocacy on issues such as healthcare, education, and civil rights. He served on several committees, including the Transportation and Infrastructure Committee, where he focused on infrastructure development and public transportation improvements in his district.
I would be happy to join the gentleman to invite the Director of the CFTC back and we will ask him that question to see if he thinks, here publicly, on the record, that Dodd-Frank caused this problem.
How does it protect me if some other customer loses their money and, to me, somebody else uses my money to cover their losses?
Material of the committee belongs to the committee. It does not belong to a Member.
So, you would--there is no way in the world you would know what they had in an account of $100 or $100 million or a billion, how much money is customer money and how much money is not customer money. Is that correct?
I hope that this investigation will move forward in a bipartisan collaborative way.
I have no doubt that most of you have been, as well. And in that time, for those of you--I am sure you all know. But we have $1 billion missing.
It is my money. I didn't play that game, and yet, you are taking my money to protect some other customer--who lost their money, because they took a gamble.
Since the Dodd-Frank Act became law, the Commission has acted like a little child abandoning the old toys and swapping them out for the new.
Did anybody in the company, anyone, have authority to transfer customers' funds?
It is kind of funny. It is a classic. I actually think they ought to be in politics, whoever came up with this term.
So I have well-paid employees of a major company that somehow has misplaced or misappropriated a billion dollars of customer funds, and yet you are asking the trustee in bankruptcy to give bonuses to the very people who may or may not have…
I would like to know if Dodd-Frank caused this problem, then what caused Lehman Brothers, what caused Madoff?
In the normal course of events, what would you expect? I will not hold you to it. Just give me a ballpark idea how long you think it might take for FASB to conclude its review of this and decide whether to amend it or not to amend it. How…
Good. I guess I feel better that you wouldn't, because I am not aware that any financial institution in the world would let that happen in any legal capacity.
If there was criminal activity at MF Global, I just don't think that is Congress' role to investigate criminal activity.





