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TheStreet Open House

Senators Advise Against Paying MF Global Bonuses

Abelow and Steenkamp testified at congressional hearings in December that they did not play a role in any decision to transfer customers' money.

No one has been charged in the MF Global case. The firm failed after a calamitous bet on European debt spooked its investors, trading partners and clients, becoming the eighth-largest corporate bankruptcy in U.S. history. Federal regulators, Congress and a federal grand jury in Chicago are investigating MF Global's failure and the disappearance of customers' money.

Much of the money belonged to farmers, ranchers and other business owners who used MF Global to reduce their risks from the fluctuating prices of commodities such as corn and wheat.

Corzine, who was co-chairman of Goldman Sachs before going into politics and serving as a Democratic senator and governor of New Jersey, resigned as MF Global CEO in November. He has testified that he didn't know any customer money was missing until Oct. 30, the day before MF Global's bankruptcy filing.

Separately Thursday, another MF Global trustee, who is overseeing the liquidation of its brokerage operations, asked the bankruptcy court for permission to distribute an additional $685 million to customers. The trustee, James Giddens, already has returned $3.9 billion to customers.

In his latest request, Giddens is seeking permission to give $50 million to customers who traded on foreign markets, the first such payment to those trading on foreign exchanges. He also wants to distribute up to $600 million to customers who traded commodity futures on U.S. exchanges and $35 million to owners of physical property.

___

AP Business Writer Matthew Craft in New York contributed to this story

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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