Corzine Testifies Before Congress
Former NJ Gov. Corzine, and later head of MF Global, has testified before Congress, and can’t recall where the nearly $1.2 billion (range of $600 million to more than $1.2 billion has been given) in client funds went.
Right now, he’s looking at potential civil and criminal actions against him and other MF Global officials for the missing funds.
One can argue that he might not know where the money is because he’s not directly involved in handling customer accounts, but he’s got to know whether proper procedures and protocols were in place - and everyone involved in the situation admits that they weren’t. So, he can’t claim ignorance on the matter either. Moreover, it was his strategic decisions to engage in trades on European sovereign debt that helped push MF Global into the mess it now faces. That is an aspect he glossed over in his prepared statement.