MF Global’s Collapse Still Hurts Little Guy On Main Street

NEW YORK (CBSNewYork) – When MF Global, the financial company headed by former New Jersey Gov. Jon Corzine, came crashing down last fall, $1.2 billion vanished.

WCBS 880’s Alex Silverman On The Story

So far, about 3/4 of it has been repaid and another payout was announced last week.

But, as WCBS 880’s Alex Silverman reports, it’s the little guys on Main Streets across America, that are still hurting the most.

“I didn’t think it would affect me,” said Dean Tofteland, a farmer in southwest Minnesota. He raises corn, soybeans, and pigs. “They just transacted business for me.”

He’s been through droughts and floods, but when the dust settled around MF Global, he was out $250,000.

“Which is a tremendous amount of money,” he told Silverman.

But he came forward to tell Congress about it, with Corzine two seats away.

However, he didn’t come forward for himself.

“I know of one situation where there’s an elderly couple caring for a son who is disabled and they’re really struggling because they had life savings and they’re earning interest of an income, and now that’s gone. So, how they’re getting by now, I don’t know. We fear for them,” he said.

Tofteland wants the people responsible prosecuted, and he’s still out $70,000, but says he’s not angry.

“It’s easy to go that direction. But at this point, I just have to have faith and confidence in our leaders,” he said. “This is a great country and I think we can pull together and get this right.”

Did you lose money in the MF Global collapse? Share your story in the comments section below.

  • Bullett

    I never liked Corzine as a governor, and I’m glad we have no money invested into his now defunct MF Global Investments. BTW has anyone come up with the answer of what MF is suppose to stand for, without getting vulgar?

    • Ant928

      It actually stnads for “Man Financial”…it’s parent company. Why…I don’t know. But I used to work there so at least I know the MF part of it.

  • John Galarde

    I am a small builder/developer in NC. Over the past 6 years my business has slowly declined to nothing. The 2 neighborhoods we were working on have been foreclosed on by the bank. We hired accountants and financial advisers to structure workouts, but the bank refused to continue and has since foreclosed on both. Because of the foreclosures we have been unable to obtain any loans from other banks to build houses elsewhere. In the midst of of the real estate disaster my entire savings has been frozen since October due to the MF Global crisis. Since I am vested in a hedge fund I have no idea what or if I have lost…or if it is all gone. The hedge fund managers keep leading us on saying 3 weeks, then 7-10 days etc. But still no word. In the mean time we have sold jewelry, clothes, vehicles…basically anything that is not nailed down to survive. Everyday the question is…what do we do next?

    • dave smith

      I feel for you. This is terrible. This country is being destroyed by corzine and his like. They are doing this in business and government. No accident he’s a huge Obama supporter.

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