Sen. Tester calls Bonuses in MF Global Bankruptcy "Outrageous"
As the MF Global Bankruptcy case unfolds, one Montana senator is calling out decisions being made in the proceedings.
The brokerage firm declared bankruptcy last fall. More than one billions dollars are still unaccounted for including money belonging to three Montana farmers who filed a federal lawsuit against key players in the bankruptcy.
A bankruptcy trustee running the defunct firm plans on awarding performance based bonuses to the company’s top executives even after the bankruptcy. Democratic Senator Jon Tester calls the idea “outrageous.” He wants to see the money back in the hands of Montanans.
To ensure event like this don’t happen again, Tester says work needs to be done in DC and by investors. Saying, “Here in Washington DC we need to make sure the regulators do the job that they need to do to make sure the MF Globals aren’t in business and the good actors are the ones you’re able to deal with. The other thing is I think farmers and ranchers have to do their due diligence. We’re talking about money here and anytime you invest money, there’s always a chance of losing it.”
Senator Max Baucus (D) has also held several meetings with regulators and MF Global representatives.