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Bonds now live from Washington with a Fox Business exclusive -- straight to you -- -- sir thank you we're joined now by congressman Randy.
And all the power he is a Republican from Texas and the chairman.
Of the house financial services oversight and investigations.
Subcommittee and he is going to be hearing tomorrow problems.
Former senator Jon Corzine the former CEO of MF global to continue.
These hearings on what happened to -- global on the collapse and bankruptcy of the company welcomes.
-- look at what's that.
Thanks for joining us mr.
chairman thank you Peter it's what you obviously the question is is where's this one point two billion dollars in this thing missing customer money we heard yesterday.
From the senate agriculture committee hearing.
May have known about a 175 million dollar loan from segregated protected customer accounts.
To a London affiliate of the company.
When he says that he doesn't know.
What happened to this one point two billion dollars will you be following up on that revelation.
Absolutely Peter -- -- very important piece of information because a lot of customers lost their money they had to put additional margin so really our -- can be about three things one we wanna find out more about where the money is.
What -- got transferred.
-- secondly wanna look -- what -- going on from a regulatory perspective as all of this was unfolding.
And thirdly we -- look it what's going on inside the corporate culture of that organization.
Leading up to it's denies on October 31.
Do you think based on what -- investigators have found.
That something improper or illegal happened with this one point -- -- the fact that dismissing these troubling and obviously that's what we have to do we have to find out what happened that money if the money was moved you know you legally and obviously there's consequences for that.
You know it up to this point we've not been able to get someone to say hey I gave the order to -- the funds and so certainly.
We continue to interview and talk to a lot of people do you -- what mr.
Corzine has been telling.
These last two committees.
Well I think -- we have to do is get to get to the bottom of this and certainly we -- -- -- -- -- set up to this point he's not it didn't to give an order to do that in as little more -- the first hearing little bit more specific if you think that then there's obviously a contradiction to that testimony yesterday.
You also going to be looking at the role of the Fed I understand what are you gonna be looking into.
-- you know they were given primary -- status and not everybody gets that only twenty -- assembly have have that status and here's a firm that has had problems in the past from a regulatory perspective.
His had a poor earnings history and why was this -- -- -- giving.
Given this very special status certainly -- -- wanna know more about what what the Fed's thinking and in large equipment and -- -- Mike.
-- James Rosen is reporting today that there was a lot of activity between the New York Federal Reserve and MF global mr.
Corzine and specific.
Just before that the firm collapsed -- if you know anything about that and and will you be looking into that hearing.
There's some information request from the Fed in their their their furnishings as we do know that there was a number of contacts but we're learning more about what that did that.
And content of those contacts -- but certainly -- important thing.
Do we do know is in the last day of the week or so commitments Corzine was reaching out to a lot of people obviously front and it's some how pull a rabbit -- -- What else will you be looking into drilling down into the you mention.
Well I think in maybe not in this hearing that we will also we wanna go two.
Other areas of the corporate the written report that one of the things from a regulatory perspective is is that we have regulators that it had spotted some problems the regulators that had been in again.
We're having problem -- this coordination between the regulators in this -- troubling.
We were told that Dodd-Frank was going to fix a lot of added that with the F stock and the fair for the secretary -- with them coordinate these.
The agencies so that what one agency -- the other agency knew him and what we're finding -- that it didn't happen.
-- you -- -- congress -- the regulators proceeding with any new additional legislation regulation to try to make sure that this.
Really doesn't ever happen.
Look at what we need to find out first -- we have a gap in the regulations or do we have regulators that weren't doing their job and I think that's the first thing what happens in -- -- -- sometimes.
It's congress sort -- -- -- pass new laws before they found that with the problem is.
We think it's a novel idea to go out -- it with the problem was before.
We start calling for an -- so this just may mean.
In case of someone.
Violating existing regulation -- existing law not a problem with the regulation of -- itself.
Excluding a full we will find it we will get it wouldn't just going to be very broad investigation might have from -- -- we've been working on this release run after the bankruptcy.
And so we've been asking for a lot of -- lot of communications and we're trying to put all loose pieces of the puzzle together and aren't congressman running on arm.
Thanks for joining us will be watching the hearing tomorrow thank you Peter right Stuart -- -- you all Peter many thanks indeed.
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