3 Hours Into House Panel Hearing: No Word From Corzine
Its been roughly 3 hours since the start of a House panel hearing where former NJ Governor Jon Corzine is expected to testify about where missing money went when MF Global failed. So far, not a word has been spoken by the former U.S. Senator.
Corzine has been subpoenaed to explain how MF Global, which he led for about 20 months, collapsed into the eighth-largest bankruptcy in U.S. history and why an estimated $1.2 billion in client funds is unaccounted for.
In his prepared testimony for Thursday's hearing before the House Agriculture Committee, Corzine apologizes to "all those affected" by MF Global's failure. The company filed for bankruptcy protection on Oct. 31 after making a risky bet on European government debt.
Corzine resigned as CEO on Nov. 3 and hasn't spoken publicly since.
"I simply do not know where the money is, or why the accounts have not been reconciled to date," Corzine says in his remarks. He has yet to publicly testify today.
Corzine has also been called by the Senate Agriculture Committee to testify at a December 13 hearing that aims to learn Corzine's role during his time with the firm.