Taking Responsibility – NFA style

Leave it to the NFA to take responsibility for PFG’s disaster (not that we expected it would). After all, why would

Leave it to the NFA to take responsibility for PFG’s disaster (not that we expected it would). After all, why would you take the fall if you can keep chasing brokers instead? So the NFA/CFTC didn’t verify PFG’s bank statements for 20 years, so what… Instead of firing everyone responsible at the NFA/CFTC why not hire an external audit firm that will certify that you didn’t do anything wrong but may guide you to introduce “new” requirements (the known outcome of this audit):

“Today, NFA’s Chairman has requested that the Special Committee for the Protection of Customer Funds, consisting of the public representatives on NFA’s Board of Directors, retain the services of Jenner and Block, a national law firm, to conduct a careful internal review of NFA’s audit practices and procedures, and the execution of those procedures in the specific instance of PFG, to assure that the right procedures are in place and that they are being properly followed. NFA intends to identify and implement any regulatory oversight changes that may be necessary to improve the detection of fraud and protection of segregated customer funds. The Special Committee is authorized to retain outside professionals to assist in that review, and will review any recommendations made regarding NFA’s audit practices and procedures and make a report to NFA’s Board of Directors.”

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