Lawmakers Question MF Global Trustee’s Work on Lehman Brokerage
This article is for subscribers only.
The trustee liquidating MF Global Holdings Ltd.’s brokerage came under fire from two Republican lawmakers who said he’s proven too slow at a similar task resolving the broker-dealer of Lehman Brothers Holdings Inc.
In a Nov. 4 letter to regulators, Representatives Ed Royce and Scott Garrett said they were concerned that the trustee, James Giddens, has been handling the Lehman liquidation for three years and made little progress returning money to customers and creditors. Meanwhile the process has cost more than $640 million, the lawmakers noted.