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U.S House Committee Blames Everyone For MF Global's Collapse

Regulators, credit rating agencies and MF Global itself were all to blame for the brokerage's collapse last year, a U.S. congressional committee found.

Regulators, credit rating agencies and MF Global itself were all to blame for the brokerage's collapse last year, a U.S. congressional committee found.

The panel also said in a report that Congress should look at merging two the main U.S. financial supervisors - the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission.

It said the agencies "failed to share critical information" about MF Global.

Congress should explore whether it would be better for the two agencies to "streamline their operations or merge into a single financial regulatory agency that would have oversight of capital markets as a whole," the report said.

(Reporting by Douwe Miedema and Emily Stephenson; editing by John Wallace)

Copyright 2010 by Reuters. All rights reserved.

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