Peregrine Has U.S. Futures Regulators on Defense in Congress
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U.S. futures regulators, scrutinized for missing warning signs before the collapse of Peregrine Financial Group Inc., defended their oversight to congressional lawmakers today and called for new rules.
The Commodity Futures Trading Commission, the nation’s derivatives overseer, identified lapses in financial controls in at least three reviews of Peregrine since 2000, Gary Gensler, the agency’s chairman, told a House Agriculture Committee hearing today. Gensler called for new reviews of self-regulatory organizations, including the National Futures Association, the company’s primary overseer.