Former New Jersey Senator and Governor Jon Corzine will once again testify today before lawmakers about MF Global's collapse. As the 8th largest bankruptcy in U.S. history, the firm's collapse is having a major affect on both wall street big shots and small mid-western farmers alike.
A number of farmers had accounts with MF Global, which is primarily a commodities derivitaves firm. Farmers used those accounts to buy and sell futures contracts to lock in prices for hogs, corn and soy beans. But now those accounts are frozen, and a lot of those farmers are having to put off buying seed, land and equipment.
Today on American Morning, Michigan Senator Debbie Stabenow tells Ali Velshi and Christine Romans what questions she's planning on asking Corzine and other top MF Global executives.