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Tossed Out

MF Global continues to affect farmers

(rahego/Flickr)

Many farmers affected by the MF Global bankruptcy are scrambling to meet March 1 tax deadlines. They’re not sure how much money they made, because they’re still not sure how much of their money is missing, Reuters reports.

Thousands of former clients of the failed brokerage have yet to receive the tax documents they need, in part because the trustee overseeing the bankruptcy has returned portions of the firm’s frozen money at staggered times. That has made many farmers’ financial situations unclear at a crucial time.

The blog Farm CPA Today tried to tackle some of the tax issues surrounding the uncertainty of MF Global’s funds. With investigations ongoing, and possible criminal charges at some point, there’s a lot left to discuss.

In the wake of the bankruptcy and shocking loss of customer funds, the futures industry is still trying to get back on track and reassure investors.

From the markets’ standpoint, the Chicago Mercantile Exchange earlier this month announced a new fund designed to protect its clients in the event of another blowup.

Regulators, on the other hand, are looking at ways to change the way commodities are traded so that farmers wouldn’t have to leave excess money in their accounts, which is what hurt many involved with MF Global.

We reported on the MF Global mess in January. For more information, check out this Reuters factbox.

Were you affected by the MF Global bankruptcy? Are you still dealing with the fallout? We want to talk to you.