GOP senator calls for investigation into MF Global bankruptcy

The financial firm headed by the former state head and Democratic senator has come under particular scrutiny due to the fact that over a billion dollars in customer funds have gone missing, driving speculation that the firewall between customer funds and firm cash was breached in an attempt to keep the company afloat.

He also asked the watchdog to explore Gensler's decision to remove himself from the agency's handling of the bankruptcy. Gensler came under pressure from some lawmakers to recuse himself, given that he and Corzine worked together previously at Goldman Sachs, and also on the Senate Banking Committee, where Gensler served as a top staff member.

Shelby asked the IG to take on the report as soon as the immediate concern about the absent customer funds is addressed.