Farmers across the country are still reeling from the collapse of the international brokerage giant MF. The company, which collapsed in part due to the volatility of its European investments, had played a major role in the futures market. As a result, the collapse has hit the farming sector hard.
To add insult to injury, MF has misplaced billions of dollars of customer’s money. While company spokespeople have promised that they will investigate the missing funds, many are skeptical of receiving compensation.
The delay in returning missing funds has begun to take a toll on farmers. Many farmers who had invested heavily in the brokerage firm now find themselves cash-strapped at a particularly difficult time of year. With many farmers purchasing seeds for next spring’s crops, farmers without cash on hand are finding themselves at a major disadvantage.
In addition, farmers who had hoped to purchase additional land, replace expensive farm machinery, or pay down outstanding debts are now forced to either put off their purchases, or take out loans.
While bankruptcy trustees are dispersing money as quickly as they can, it is coming too late for many farmers who were promised that their money would remain safe in segregated accounts.
MF’s collapse has prompted investigation by the F.B.I. and by the House and Senate.
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Written by: Justin Ellison / Farm Plus Staff Writer