Find out more →

Get unlimited access. Become a digital member!

Saturday, August 16, 2014

Financial scandal brewing in Delta

Posted By on Sat, Aug 16, 2014 at 6:47 AM

click to enlarge Screen_Shot_2014-08-16_at_6.43.20_AM.png

House Speaker Davy Carter
distributed a letter Friday that reflected a report I'd received earlier in the day of a brewing financial scandal in the Delta.

Carter's letter refers to breached contacts between farmers and a commodity broker and said tens of millions could be at issue. He said it could be a subject for future regulatory efforts.

Intriguing, to put it mildly. I'm out of pocket in upstate New York but I can add this scrap of information on what's going on from a reliable source.

The case focuses on a grain broker who'd "book" grain for farmers. They'd accept his promised price and he'd pay them, taking a commission from the sale. But this particular broker may have been running something akin to a Ponzi scheme — or at a minimum unable to cover contract commitments. Losses are said to be as high as $40 million. Losses to individual farmers could be huge. 

Lots more to come on this obviously.


Tags: , , ,

Speaking of...

Comments (3)

Showing 1-3 of 3

Add a comment

 
Subscribe to this thread:
Showing 1-3 of 3

Add a comment

More by Max Brantley

  • Apple CEO Tim Cook is gay

    Apple CEO Tim Cook has announced that he is gay. We still live in a world where this will matter to some people.
    • Oct 30, 2014
  • UA's Arkansas Poll shows broad Republican sweep at polls

    The University of Arkansas's Arkansas Poll was released early today and it showed broad Republican preferences among likely voters in major election contests, including Tom Cotton over Mark Pryor for Senate, Asa Hutchinson over Mike Ross for governor and generic Republican preferences in congressional races.
    • Oct 30, 2014
  • More »

Most Shared

  • Koch mailer: We know who you are, we know if you vote

    Still more complaints rolling in — including from Republicans — about the mail campaign of the Koch-brothers-funded Americans for Prosperity to scare people into voting.
  • Pat Hays' NRA membership riles Republicans

    Democratic 2nd District Congress candidate Pat Hays is causing conniption fits among Republicans because a new TV ad shows him with his guns and mentions his long-time membership in the National Rifle Association.
  • Talk is cheap; state government isn't: Preparing for the new GOP order

    The state looks at rising prison and school costs in a world where the theme of Republican political campaigns is reducing government and cutting taxes. Does anybody in that party know arithmetic?
  • Live Review: Nahko and Medicine for the People at Rev Room

    Thursday night, Portland, Oregon’s Nahko and Medicine for the People brought their “musical medicine” to Little Rock’s Revolution Music Room, a fitting venue for the socially-conscious music collective. Their uplifting medley of folk, urban and world music, as well as hypnotizing videos featuring their music have enchanted activist-minded music fans across the world in the relatively short time they have been creating music together.
  • What about the Arkansas ballot issues?

    To give the legislature more power, the people less, a wetter state, longer term limits and a bump in the minimum wage.

Most Viewed

  • UA's Arkansas Poll shows broad Republican sweep at polls

    The University of Arkansas's Arkansas Poll was released early today and it showed broad Republican preferences among likely voters in major election contests, including Tom Cotton over Mark Pryor for Senate, Asa Hutchinson over Mike Ross for governor and generic Republican preferences in congressional races.

Most Recent Comments

Blogroll

 

© 2014 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation