Excerpt:
He added, “Transfers of customer funds effectuated by MF Global management for the benefit of MF Global constitutes very serious violations of our rules.”
Earlier in the hearings, Corzine testified that he “never gave any instruction to misuse customer funds, I never intended anyone at MF Global to misuse customer funds.”
It was unclear if the MF Global employee was referring to the $900 million shortfall that Duffy stated MF Global informed the CME and CFTC was moved out of segregation on Monday or a separate $170 million transfer to London.
Excerpt:
Wendy Lee Gramm was born in Hawaii and is of Korean and Hawaiian ancestry. She received a B.A. degree in economics from Wellesley College in 1966 and a Ph. D. in economics from Northwestern University in 1971. In her role at the Mercatus Center, Gramm generally calls for deregulation of the energy industry. Previously, Gramm held several positions in the Reagan Administration, including heading the Commodity Futures Trading Commission from 1988 to 1993. After a lobbying campaign from Enron, the CFTC exempted it from regulation in trading of energy derivatives. Subsequently, Gramm resigned from the CFTC and took a seat on the Enron Board of Directors and served on its Audit Committee. While on the board of directors she received donations from Enron to support the Mercatus Center.
Excerpt:
Government
Office of Management and Budget's (OMB) 'Information and Regulatory Affairs', Director (1985-1988)
Commodity Futures Trading Commission, Director (1988-1993)Mercatus Center Regulatory Studies Program, Chairman
Thinktanks
Texas Public Policy Foundation, Chair, 2000-Independent Women's Forum, Director
Private companies
Enron, directorIowa Beef Processors (IBP)
Invesco Funds
Longitude
Chicago Mercantile Exchange
State Farm Insurance Companies
http://www.degreeinfo.com/off-topic-discussions/3502-phil-gramm-texas-m.html
Excerpt:
Phil Gramm and Texas A&M
Senator Phil Gramm is retiring from the U.S. Senate at the end of his term in 2002. He has expressed interest in the vacant position of President of Texas A&M University, where he taught economics for 12 years.
http://news.muckety.com/2011/12/13/revolving-door-at-commodity-futures-trading-commission/35531
Excerpt:
Revolving door at Commodity Futures Trading Commission
By Laurie Bennett
December 13, 2011 at 10:38am
Jon Corzine and his top execs are not the only ones on the hot seat because of the bankruptcy of his firm, MF Global.
Gary Gensler, chair of the Commodity Futures Trading Commission, was grilled last week about the commission’s failure to properly regulate the firm.
Gary Gensler, chair of the Commodity Futures Trading Commission, was grilled last week about the commission’s failure to properly regulate the firm.
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