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

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Dean Tofteland and former NJ Gov. and MF Global CEO Jon Corzine testify before a Congressional committee - Washington, DC - Dec 13, 2011 (credit: Chip Somodevilla/Getty Images)

Dean Tofteland and former NJ Gov. and MF Global CEO Jon Corzine testify before a Congressional committee – Washington, DC – Dec 13, 2011 (credit: Chip Somodevilla/Getty Images)

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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.

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