CCC Letter to Senate Banking Committee

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On Monday April 23, 2012, the CCC sent the following letter to members of the Senate Banking Committee.  The letter requests that Members of the Committee question US Trustee Louis Freeh as to why MF Global's holding company remains in a Chapter 11 bankruptcy.

April 23, 2012

The Honorable Tim Johnson
Chairman
United States Senate
Committee on Banking, Housing and Urban Affairs
136 Hart Senate Office Building
Washington, D.C.  20510
The Honorable Richard Shelby
Chairman
United States Senate
Committee on Banking, Housing and Urban Affairs
304 Russell Senate Office Building
Washington, D.C.  20510

Dear Chairman Johnson, Ranking Member Shelby and Members of the Committee:

On behalf of all MF Global customers, I would like to thank the members of the Senate Banking, Housing and Urban Affairs Committee for continuing to investigate the collapse of MF Global.  We are very pleased to see that you have called the US Trustee, Mr. Louis Freeh, to testify before the Committee.  Mr. Freeh's record of service to the United States is a long and honorable one, deserving our admiration and respect as beneficiaries of that service.   As customers of MF Global, however, we take issue with Mr. Freeh's management of the Chapter 11 liquidation of MF Global Holdings, Inc (MFGH).  We hope that your committee can persuade Mr. Freeh that a voluntary conversion of MFGH's bankruptcy proceeding from Chapter 11 to Chapter 7 serves the interest of MF Global's creditors and customers alike.

Read the Complete Letter....

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About John Roe 91 Articles
Co-Founder of the CCC and head of BTR Trading and Roe Capital Management.

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