Senators cite MF Global as Volcker rule rationale – Ronald D. Orol (MarketWatch)
November 9, 2011

“Two senators on Wednesday urged approval of regulations to adopt key provisions in the Volcker rule, arguing that the recent failure of MF Global illustrates why it should be approved. ‘The meltdown of MF Global last week should remind us of how this works. A $41 billion firm came unraveled … because of bad trades on European debt,’ said Sen. Jeff Merkley (D., Ore.), co-author of legislation to implement the Volcker rule, named after an idea suggested by Paul Volcker, a former Federal Reserve chairman. … Sen. Carl Levin (D., Mich.), the other co-author of the Volcker rule legislation, told reporters that the failure of MF Global, as well as the sovereign-debt crisis in Europe, ‘strengthens’ the hand of proponents pushing stronger enforcement and a tough Volcker rule. Levin and Merkley spoke during a gathering organized by Americans for Financial Reform, a progressive-leaning group.” Click here for more.