Experts: Corzine Avoided Missteps During Testimony
Jon Corzine has navigated three days of testimony on MF Global’s failure without saying much to satisfy lawmakers or clients who lost millions when the firm collapsed.
Legal experts say Corzine avoided slip-ups that might expose him to criminal prosecution. They say he chose his words carefully and described events that would be hard to disprove.
Many note that the facts surrounding MF Global’s demise will emerge from investigations by lawmakers, regulators and law-enforcement officials.
About $1.2 billion of client money was missing when MF Global collapsed. Corzine, a former Democratic senator and New Jersey governor, was CEO of the firm until he resigned last month.
Brokers such as MF Global generally must keep clients’ money in separate accounts.
(Copyright 2011 by The Associated Press. All Rights Reserved.)