When Minnesota farmer Dean Tofteland tried to lock in a price for his crops, MF Global filed bankruptcy and froze the account where he’d put up more thna $250,000 in collateral.
He’s still waiting to get $80,000 of it back. That’s a lot to be out when you’re dealing with all the other risks that come with managing a farm.
The experience has Toftenland with a dim view of American finance and where it is leading our country. Here’s what he told the Senate Agricultural Committee last December:
“I know many of you have played the game of Monopoly. You all know how it ends, one or two players end up with all the money. Usually, there are two different endings to this game. One is where the losers walk away even as the winners try to convince them to stay and play some more, and second, someone eventually gets mad and tips the table over. And you all know who has to clean up the mess.”
Here’s what he told me about the missing $1.6 billion that nobody at MF Global can find: “These people worship money and would know what happened to the money.”
Click here to read my column on Tofteland on MarketWatch.