Friday, January 6, 2012

MF Global - CFTC Knows Where The Money Is

CFTC commissioner Jill Sommers has said publicly that she knows where MF Global customers' money has gone. ...but she won't tell us. The CFTC has been a disappointment.

I sent Commissioner Sommers the following letter today...

Commissioner Jill Sommers
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581

January 6, 2012

Reuters 12/14/2011:

“We certainly don’t want to lead anyone to believe we don’t know what happened. We do know, and we see where all the transactions went,” said Sommers, a Republican commissioner, in an interview on Wednesday.

Commissioner Sommers;

I’m an MF Global customer. Like thousands of others, I hope to get my money back.

You have admitted that you know where the money went.

I ask you to publicly disclose this important information immediately.

Secrecy now can serve no good purpose.

Secrecy does harm thousands of MF Global customers, like me, who are struggling to get our money back. With this knowledge in hand, we could make the correct arguments, to the correct courts, to preserve our money, and return it to us. If we are denied this information by you, it seems quite likely that the one of the several bankruptcy proceedings now underway may distribute our money to creditors, such as JP Morgan. The Louis Freeh and Jamie Dimon team appear to be working very hard to make this happen.

I imagine that you justify your secrecy with the excuse of an “ongoing investigation”, however that is a poor argument in the present situation. MF Global has been shut down, and all the records of every imaginable kind have been sequestered by regulators and law enforcement. Sequestered records will not change upon your disclosure.

There is no harm in disclosure. There is harm in secrecy.

The public good demands disclosure.

History may know you as a leader of the CFTC that destroyed faith in US markets by failing in its regulatory duty and allowing MF Global to steal from thousands of customers, or perhaps history will know you as the commissioner who broke the veil of secrecy and told thousands of US citizens where their money was .

Which would you prefer?

Thank you,

Xxxxxxxx Xxxxxxx

Let the folks at CFTC know what you think. Write or send them a fax. They need to hear from lots of MF Global customers.

CFTC fax numbers:
Commissioner Sommers 202-418-5067
Commissioner Chilton 202-418-5620
Commissioner O'Malia 202-418-5550
Commissioner Wetgen 202-418-5072
Chairman Gensler 202-418-5533
Inspector General Lavik 202-418-5522
General Counsel Berkovitz 202-418-5524
Director of Enforcement Meister 202-418-5523

You can also tweet @CFTC

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