Uploaded by FinancialNewsOnline on Dec 9, 2011
On Thursday, former CEO of MF Global, Jon Corzine, testified in front of Congress to shed light on the brokerage firm's bankruptcy. He was subpoenaed by the Senate to speak in front of the House Agriculture Committee to answer questions about millions of dollars in missing MF Global customer money.
The testimony comes six weeks after MF Global collapsed into bankruptcy after loosing a $6.3 billion bet on European sovereign debt. The missing customer money involved in the bankruptcy filing has attracted attention from the government, investors, and the FBI.
The former New Jersey governor said he had no knowledge about the missing funds and said he never intended to break any rules. When asked if he authorized the transfer of customer funds to firm accounts he said that if he did it was a misunderstanding.
Lawmakers did thank Corzine for not invoking the Fifth Amendment but critized him for not giving straight answers on what he did with the customer funds, making it look like he was just dodging responsibility.
The testimony comes six weeks after MF Global collapsed into bankruptcy after loosing a $6.3 billion bet on European sovereign debt. The missing customer money involved in the bankruptcy filing has attracted attention from the government, investors, and the FBI.
The former New Jersey governor said he had no knowledge about the missing funds and said he never intended to break any rules. When asked if he authorized the transfer of customer funds to firm accounts he said that if he did it was a misunderstanding.
Lawmakers did thank Corzine for not invoking the Fifth Amendment but critized him for not giving straight answers on what he did with the customer funds, making it look like he was just dodging responsibility.
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