Corzine Says He Doesn’t Know Location of Missing Funds
Dec. 8 (Bloomberg) — Jon S. Corzine, former chairman and chief executive officer of MF Global Holdings Ltd., will apologize to investors, customers and employees of the failed New York broker and tell lawmakers he doesn’t know the location of the estimated $1.2 billion in missing client money.
“I simply do not know where the money is, or why the accounts have not been reconciled to date,” Corzine said in a statement prepared for a House Agriculture Committee hearing in Washington today.
I’m sure that the people who have been completely bankrupted by this gross mishandling of their funds will not be too receptive to an apology. Perhaps there needs to be an investigation into the assets of all employees that are in a position to manipulate large amounts of money. $1.2 billion doesn’t just get up and walk out the door unassisted.