Marcy Kaptur: “I thank the gentleman for yielding me this time and rise this evening on the subject of MF Global and the clear need for…”

“I thank the gentleman for yielding me this time and rise this evening on the subject of MF Global and the clear need for oversight by the Congress. Mr. Speaker, Congress isn't doing its job to investigate the fraud that has infected our entire financial system, fraud perpetrated by Wall Street, and it has hurt the global financial system as well. I think the reason is that too many people have forgotten that gambling with other people's money often entices very addictive personalities who are incapable of self-policing. They need rules, they need limits, and they need oversight. Otherwise they just keep getting into the same trouble again and again, harming innocent people in the process by looting their assets. The American people know that corruption on Wall Street is pervasive, and millions upon millions of our fellow citizens have been harmed by it. The Republican leadership in this House have failed in their responsibility to aggressively investigate crime in the financial services sector. Earlier this month, I spoke about Bloomberg's report on how President Bush's Secretary of the Treasury, Hank Paulson, in 2000, inappropriately and behind closed doors in a private meeting tipped off his former colleagues at Goldman Sachs and a handful of Wall Street insiders about how Fannie Mae and Freddie Mac might collapse and what steps the government intended to take.…”