The House Financial Services Subcommittee on Oversight and Investigations is expected to report the results of its year-long investigation into the collapse of MF Global this week.
Since MF Global filed for bankruptcy on Oct. 31, 2011, the subcommittee has led the congressional investigation into the firm's collapse and the whereabouts of money that went missing from customer accounts. Some reports say that as much as $2 billion is still missing.
"Our investigation is essentially an autopsy of how MF Global came to its ultimate demise and what policy changes need to be made to prevent similar customer losses in the future," said subcommittee chairman Rep. Randy Neugebauer, R-Texas. "We must restore confidence and integrity to the futures markets and send a strong signal to customers that their accounts are safe and secure."
The Subcommittee's investigation has involved three hearings, more than 50 interviews, and the review of over 243,000 documents obtained from MF Global, its former employees, federal regulators and other sources.
"MF Global customers deserve to know how and why their funds went missing; market participants deserve to know whether regulatory lapses have been identified and corrected; and taxpayers deserve to know that policymakers and regulators have been held accountable," Neugebauer said.