MF Global Inc. trustee calls for insurance program

MF Global Inc. Trustee James Giddens testifying at hearings before the Senate Agriculture Nutrition and Forestry Committee said an insurance program to protect futures customer segregated funds would have made approximately 98% of former MF Global customers whole early in the process of MF Global bankruptcy.

GIddens, who recommended the creation of an insurance fund for futures similar to what is in place with Securities and the Federal Deposit Insurance Corp., pointed out that because a large majority of future customers have relatively small accounts, under $100,000, such a program would have assured a large majority of claimants would have been reimbursed immediately.

Trustee Giddens written testimony

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