today. indepth. sunday may 6. live at noon eastern on c span 2's book tv. >> up next, the senate banking committee continues its investigation into the mf global bankruptcy. the eighth largest bankruptcy in

u.s. history. witnesses include head of the commodity futures trading commission, and other regulators. this is a lit less than two hours. >> i will call this hearing to order. today's hearing will examine the lessons learned from the collapse of the mmf global, the misuse of customer accounts, by one of the world's largest commodities and derivatives brokers has shaken confidence in our markets and deserves a thoughtful discussion of how to better protect farmers, ranchers and investors going forward. but before we get to these important issues i would look to express my deep concern that

almost 6 months after mf globals bankruptcy, thousand of former customers including hundreds of south dakotans still have not recovered the $1.6 billion removed from what should hatch been protected customer accounts. i know that the trustees, regulators, as well as the fbi and justice department continue to investigate what happened in the final chaotic days of mf global. but these customer fund must be returned without further delay to the rightful owners and these individuals and executives responsible for transferring these funds must be held accountable to the full extent of the law. lastly, it is not acceptable for mmf global executives to be given bonuses when customers

have not recovered funds improperly taken by them -- by mf global. i thank senator tester for his leadership on this issue. since the collapse of mf global, in october 2011, my staff has worked closely with senator shelby's staff in conducting extensive interviews and due diligence with regulators, self-regulatory organizations, and other parties involved in overseeing mf global and its bankruptcy. we have also coordinated with the senate ag committee which has jurisdiction involving commodities, and holding bipartisan briefings, where all senate staff with representatives of many of the organizations before us today to

help our constituents impacted by the fund's downfall. as investigators seek to recover mf global customer funds, and hold accountable those responsible for any wrongdoing this committee will focus our attention on preventing to chaur abuses and -- other critical public policy, use raised by the collapse of mf global. today's hearing provides a unique opportunity to ask an important set of questions. how can we strengthen protections for customer accounts at fcms or broker dealers in, including those firms that hold u.s. customer funds abroad given the size of the short fall in mf global's customer accounts. what should congress undersnd