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Sen. Pat Roberts, (R-Kan.), argues we need make better use of technology to prevent fraud in the future.
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-- you very much appreciate it.
While regulate is coming under fire off to the implosion of the FT's -- and allegations of a 200 million dollar shortfall in -- -- funds.
Joining me for an exclusive interview analysis of the Pat Roberts the top Republican on the senate agriculture committee and senator Roberts thank you for joining.
Me today I guess -- first question is how can something like this happened just nine months off -- MF global.
Well that's a good question.
It appears as if the national futures association that's a private entity.
We're doing -- -- it.
And they have new technology that they have recommended in the technology caught up with a criminal.
And the criminal.
Unfortunately.
Party press reports at least attempted suicide at this as a as a case of fraud.
I don't know of any bill or legislation that you can pass to prevent fraud but I do know.
-- that better management.
And getting on top of this technology so people are aware of it whether it be the futures.
Industry which is a private group for this year IDC which where where we have -- the jurisdiction.
But the real -- that is -- -- thousand.
Customers some of which they had their account with MF global I guess that's it.
Those -- the first of course -- we've had coming and small businesses ranchers farmers.
They were using this -- as a risk management tool was a good firm and the firm.
This is a case of fraud where we're missing about 200 million -- to how much blame should be put on the CFTC.
Well I'm not sure it's a matter blames a much we're gonna have chairman Gensler forest next week I just talked to in this morning.
He gave us pretty good rundown of where they think they are.
The only thing that I would offer is that -- -- be careful a passing more legislation more regulation.
At that hearing this post beyond Dodd-Frank it will obviously morph into this situation.
You need better management and better.
You know we got the FBI involvement at the CFTC in the got the private industry involved obviously got the perpetrators involved.
I think if we get it.
If management can do a better job with the technology that we have.
I think that will be in pretty good shape.
You -- -- product now wife and why they didn't catch it but I war but it but it did catch up but that individual then.
There you have the situation we'll send -- leave cold for the resignation of chairman Gensler in the possibly gonna do it again.
No I talked doing this morning.
He said I think he said before that he was a non participant.
He said he will be a participant I -- I give him a purple heart and let him go ahead.
-- interest thing now like you mentioned that tell you think Dodd-Frank would make absolutely -- Difference essentially because no one's applying the rules as -- stand now is that you'll kind of stand on on this latest investigation.
The well you -- it's the futures industry that came out.
With this new technology -- -- the technology and the speed.
The electronic.
The world that we live in now it's very hard two.
It to commit fraud.
And so the individual concerned figured out that that was the case.
And that we had this terrible situation on our hands.
The question of me is how do you pass legislation or -- more attorneys are at more regulation that's gonna stop fraud right what you do if you do a better job of management level all of the parties concerned so that everybody knows what's going on.
And there is transparency.
I know the chairman cancer will be ready to answer some of those questions that.
Chairwoman Stephanopoulos and I we'll have this coming week and -- at a very quickly how many wolf the FD -- a net MF the Mobil's around that.
Well I hope none.
We always had for years and years and years.
That.
Steely -- of that -- that we -- that we thought was unbreakable between the customer accounts.
-- -- 200 million.
And that belongs to the 20000.
Customers.
And then the rest of the funds they used by the risk management company.
Right it's only been in the last year that we've had these two -- one I think there's an attorney different from the other.
Right here we have a simple case probably isn't simple case but it's it it's a case of fraud victims were -- Yeah absolutely senator Roberts thank you so much for taking time out to -- to -- we appreciate it.
