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Jon Corzine Is Playing Dumb In Front Of Congress Today
By
Jen Chung
Published Dec 8, 2011
Modified Dec 8, 2011
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By
Jen Chung
Published Dec 8, 2011
Modified Dec 8, 2011
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Former NJ governor Jon Corzine is testifying in front of Congress today to explain what he knew of the collapse of MF Global. And basically he'll be saying he had no idea! According to prepared testimony, he says he was "stunned when I was told on Sunday, October 30, 2011, that MF Global could not account for many hundreds of millions of dollars of client money. I remain deeply concerned about the impact that the unreconciled and frozen funds have had on MF Global’s customers and others."
Corzine took the job heading brokerage MF Global after losing re-election to Chris Christie. However, the former Goldman Sachs chairman resigned after the firm couldn't find $700 million in client funds last month.
While now-out-of-work MF Global employees blame Corzine's love of risk, Corzine will be saying today, "Recognizing the enormous impact on many peoples’ lives resulting from the events surrounding the MF Global bankruptcy, I appear at today’s hearing with great sadness. My sadness, of course, pales in comparison to the losses and hardships that customers, employees and investors have suffered as a result of MF Global’s bankruptcy... I simply do not know where the money is, or why the accounts have not been reconciled to date. I do not know which accounts are unreconciled or whether the unreconciled accounts were or were not subject to the segregation rules... Moreover, there were an extraordinary number of transactions during MF Global’s last few days, and I do not know, for example, whether there were operational errors at MF Global or elsewhere, or whether banks and counterparties have held onto funds that should rightfully have been returned to MF Global."
Corzine is not expected to plead the Fifth; you can read his testimony here (PDF).
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bankruptcy
collapse
finance
jon corzine
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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