Marcy Kaptur: “Thank goodness some Americans continue to analyze the real causes of job loss and turmoil in our economy. While all eyes…”

“Thank goodness some Americans continue to analyze the real causes of job loss and turmoil in our economy. While all eyes are on Europe, the problem just isn't in Greece. On October 31, U.S.-based MF Global Holdings, Limited filed for chapter 11. It reportedly is the eighth largest bankruptcy in U.S. history. Its failure, like the crash in 2008, revolves around the actions of money traders using slick instruments called ``credit derivatives.'' As analysts try to piece together what happened at MF Global, one word seems to keep popping up: fraud. I would like to include in the Record a few recent articles on the Wall Street perpetrators of this crisis. [From Reuters, Nov. 7, 2011] Frustration Mounts for MF Global Clients (By Lauren Tara LaCapra) The sudden collapse of MF Global Holdings Ltd is leaving some small and independent futures traders angry and frustrated. Customers of the bankrupt firm are starting to complain about getting checks that bounced, having requests to transfer funds denied and receiving inaccurate account statements. The growing litany of woes is adding to the tasks for the receiver assigned to liquidate MF Global and causing some investors to voice concern about the basic plumbing of the financial services system. Steve Meyers, an independent futures trader in Florida, said he asked for $500,000 from his MF Global account to be wired back to him on October 28 because he was concerned about the firm filing for bankruptcy.…”