Pat Roberts, the senior Republican senator from Kansas, was on CNBC today and spoke about the Senate hearing that is being requested in the wake of MF Global’s bankruptcy.
Senator Roberts noted the turmoil out in farm country, as the frozen client accounts has greatly affected farmers who use commodity markets to hedge bets and make money off their crops.
Senator Roberts also suggests that CFTC Chair Gary Gensler may have a bigger responsibility in the MF debacle that he is trying to wiggle out of by recusing himself from the investigation. He cites the fact that Gensler delayed a vote on a CFTC rule to restrict investment of client funds after being lobbied by MF Global and other brokerage houses, and wants Gensler to come public about what he did before he recused himself from the investigation.
In addition, Senator Roberts said he wants Jon Corzine in the hot seat too.
“The situation today is they broke existing rules, existing laws,” he said.
Below is Senator Roberts’ interview: