CEO Jon Corzine, center, at MF Global last year: A Senate panel Thursday grilled regulators about how loopholes let farmers’ commodity trades end up in risky bonds.
More than 100 Minnesota farmers are believed to have had assets frozen in the wake of the brokerage house’s huge bankruptcy.
By Jim Spencer
Dennis Magnuson is a farmer, not a gambler. He trades in the commodity futures markets hoping to stabilize the cost of feed for the pigs he sells. The Austin, Minn., resident said he would never put his money into bonds issued by European countries flirting with economic collapse.
But the now-collapsed MF Global Holdings Ltd. may have done that for him.
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