Jon Corzine, in prepared statement to the House Agriculture Committee:
I simply do not know where the money is, or why the accounts have not been reconciled to date.
Margaret Brennan on Bloomberg TV pointed out this morning that this is the first time in over 100 years that a former United States Senator has been subpoenaed to testify in Congress.
The former NJ governor apologizes for MF Global's bankruptcy under his watch this morning and "to all those affected". But he says he doesn't know where the missing money went.
Corzine will say he was stunned when he was told Sunday, October 30, 2011, that MF Global could not account for hundreds of millions of dollars of client money. Corzine did not specify an amount, but investigators are trying to track $1.2 Billion, about double the amount first thought missing. It appears these were funds that were to be held in the company's segregated accounts. Corzine now stands to be accused of co-mingling client money with firm money.
The FBI and other federal authorities are now also involved, as well as the House Financial Services Committee and the Senate Agriculture Committee. You can imagine the forensic accounting that will be required to reconcile this, and get answers on who did what with which accounts.
You can watch here at C-SPAN. |
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