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Mon December 12, 2011
Global investment scandal hits Michigan farmers
Michigan farmers will be in Washington D.C. Tuesday to tell a Senate committee how a multi-billion-dollar international trading scandal has affected them.
Jim Byrum is president of the Michigan Agri-Business Association. He says the collaspe of MF Global in October touched many of the state's grain operations and milk producers.
"They were doing the kinds of things they should have been doing," Byrum says about Michigan investors. "They were managing their risks. Those companies that they dealt with actually did clear through MF Global, and their money is gone."
Byrum says everybody in the industry believed their were protected.
"We have folks all the way from small family owned grain operations -- and we're going to have one of those testify Tuesday morning -- all the way to some very large grain operations. It is a multi-million dollar issue in the state of Michigan."
Byrum says a $2 billion transfer approved by a bankruptcy judge Friday will not restore all of the farmers' money. He says they want full restitution.
MF Global was led by former Goldman-Sachs CEO and New Jersey Governor John Corzine.