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Lucas Jackson / Reuters
Jon Corzine, former chairman and chief executive officer of MF Global Holdings, has been subpoenaed by a congressional panel to testify about the brokerage's collapse and the missing millions of its clients' money.
The House Agriculture Committee has subpoenaed Jon Corzine, the former governor and senator from New Jersey, for a hearing next week about MF Global, the now-bankrupt company that he ran which allegedly is missing about $1.2 billion of its clients' funds.
MF Global, which laid off all its employees last month, filed for bankruptcy after a series of bad bets on European debt. Regulators and the FBI have been probing whether the firm used clients' money to prop itself up as its European bond investments went sour. Even the $1.2 billion number is in question, with some saying that the trustee in charge of the brokerage's bankruptcy may have double-counted some of the missing money.
Reuters reported that the congressional panel voted Friday to issue the subpoena. Committee Chairman Rep. Frank Lucas, R-Okla., said Corzine hadn't yet confirmed that he would come and "his testimony is essential to fulfill our objectives." If Corzine, a former head of Goldman Sachs, shows up, it would be his first public grilling since news of MF Global's problems emerged.
Corzine is also due to testify before the House Financial Services Committee on Dec. 15.
Reuters contributed to this report.
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Naughty Republicans! Corzine is a leading democrat and friend of President Obama. Corzine is the poster child for democrats illegally spending customer money on themselves and their interests then going bust just like where Obama is leading this nation except with taxpayer money and more and more debt. No indictments will come of this while Obama remains in office.
I just wish congress would hook him up to a lie detector befor they question him . It would make for gerat tv . I would love to watch him squirm and sweat . Bet the congressmen will sweat over his awnsers if he can't lie and take the 5th.
Ex CEO Goldman Sachs
Ex Senator
Ex Governor
Ex CEO of MF Global
Oh my goodness, what a record.
this is a dam good start,now get the rest of them on wall street!!!!!!!!!!!!!!!!!!!
Corzine either won't come or will just invoke his right against self incrimination. I wonder if the good old prostitutes (GOP) in charge of the committees lost a lot in his company.
the start of this was before the current president was in office. remeber when all stock market problems started with enon? who was the head of our nation? who was the ones in charge of re-writing the laws to stop this failures witch continue today? who was to first one to offer bail out money? we need to quite putting politcs ahead of the good of our country! think before you judge or vote.
What?? confusion is very confusing.
I think you want to blame everything that could possibly go wrong on Bush. It doesn't matter that MFG's problems started only 7 months ago with the enormous debt of the socialized nations of Europe, it's still Bush's fault. Right?
I blame George, you know, George III, King of England, he should never have agreed to give up the colonies.
Looks like Corzine got bad insider information. Maybe he made some enemies and got set up for a fall.
I am just waiting for the loonies to come out and blame MF Global and the lost funds on Bush or on Obama. It will happen. One thing we have plenty of is loonies.
Is congress gonna suck their thumbs when they talk with MF.....I mean, they didn't correct the sec problems before (ie gut it and fire everyone) and now their is more egg on their faces. Maybe the legistlators will chastice their ceo for ripping off a billion.. oh the pain this guy Corzine will have to endure as he states he knows nothing about anything...if he even shows up and doesnt decide to take the 5th.. A few hours under the glare of a bunch of crooks who will get on c-span and talk about all the things wrong. Much ado about nothing.
Just tell me which party will jail Wallstreet Gangsters. Corzine is caught and needs swift prosecution, but he is far from alone. Tell me which party guarintees me that the thieves that are looting my retirement account are going to give it back and go to jail. The only people being investigated is small law abiding employers like me. Bernie Madoff had to hand them a note saying "I'm a thief," for these criminals in the government to pick up on his twenty years of fraud. This isn't brain surgery. The SEC isn't inept, its conspiring with these thieves. And Obama is in on it.