From the Chicago Tribune on June 19th, 2012:
On a party-line vote, the House Appropriations Committee voted for a 12 percent cut in funding for the U.S. futures regulator on Tuesday, moving a step closer to a showdown with the Senate, where a large increase is proposed.
Your regulators are either so understaffed, underfunded, or inept that they have missed shortfalls in client accounts at PFGBest for two full years, even with MF Global serving as a catalyst for change at the end of 2011. Either your regulators are so terrible that you’re better off starting from scratch, or you have so little understanding over the industries that you govern that you should be removed from office. Take your pick, figure it out.
Every angry futures market participant on the planet