WASHINGTON, DC -- U.S. Senator Pat Roberts (R-Kan.) today said a proposal to award huge cash bonuses to MF Global executives to aid in the search for missing client funds following the firm’s bankruptcy is absurd.
“This is not your ordinary Chapter 11 bankruptcy,” Roberts said. “The process to return customer funds to their rightful owners will take years. This unprecedented loss of segregated customer funds may well have occurred at the direction of MF Global officials. Any recovered funds should go to customers instead of winding up in the hands of those who mismanaged the funds in the first place.”
Senator Roberts is ranking member of the Senate Committee on Agriculture, Nutrition and Forestry which has jurisdiction of the Commodities Futures Trading Commission.