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Wisconsin Ag News Headlines |
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WFU Commends Feingold for Taking Action on DFA Investigation
Wisconsin Ag Connection - 12/22/2008
The Wisconsin Farmers Union is praising U.S. Senator Russ Feingold for calling for an investigation into possible antitrust violations by Dairy Farmers of America for manipulation of the cash cheese markets
in 2004. Last week, DFA and two of its former executives agreed to a $12 million settlement with the Commodity Futures Trading Commission.
"We want to thank Sen. Feingold for looking out for best interest of the farmer and the consumer," said WFU President Sue Beitlich. "During these tough economic times, we need leaders who are willing to
make tough choices to protect our hard working farmers, who deserve a fair market price for their products. We count on Congress to ensure our laws are being upheld and that there is transparency and
sufficient oversight of our trading markets."
The Commodity Futures Trading Commission has been investigating the Dairy Farmers of America for a series of 2004 trades of cheese futures on the Chicago Mercantile Exchange. The price of cheese
futures can affect milk prices.
Under the agreement announced last week, a former chief executive of the cooperative, Gary Hanman, and former Chief Financial Officer Gerald Bos will pay part of the penalty.
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