Contact Us
Make My Homepage

MF Global Execs Seek Distance on Missing Money

MF Global
Mario Tama, Getty Images

Two executives at MF Global are seeking to distance themselves from an estimated $1.2 billion in customer funds that has gone missing, according to their prepared testimony for a Senate hearing.
  

Bradley Abelow, the president and chief operating officer, and Henri Steenkamp, the chief financial officer, both say they don’t know where the money is or why it is missing.
  

Former New Jersey Sen. Jon Corzine, who led MF Global as CEO until last month, also told a congressional panel last week that he doesn’t know what happened to the money. All three will testify Tuesday before the Senate Agriculture Committee.
  

In his prepared testimony, Steenkamp says he had no direct involvement with the transfer of funds.
  

“Direct involvement with operational matters such as bank accounts or fund transfers has never been part of my duties,” Steenkamp says in his testimony prepared.
  

Abelow says he cannot explain what happened to the money without access to MF Global documents, which a trustee now controls.
  

“At this time … I do not know the answers to those questions,” he says.
  

MF Global collapsed into the eighth-largest bankruptcy in U.S. history on Oct. 31 after a disastrous bet on European debt. The FBI and federal regulators are investigating MF Global.
  

Corzine told the House Agriculture Committee last week that he didn’t become aware of the missing money until Oct. 30.
  

Steenkamp says that he, too, was unaware of any problems with separated customer funds Oct. 30.
  

“I do not know why these funds cannot be accounted for, but based on the fact that no shortfalls had been reported to me previously, it appears that any irregularities were likely caused by events that occurred shortly before the bankruptcy filing,” Steenkamp says in his written testimony.
  

Corzine, a Democrat, was a senator from 2001 through 2005 and New Jersey’s governor from 2006 until early 2010. He also was CEO of Goldman Sachs before entering politics. He joined MF Global in March 2010.
  

Abelow was Corzine’s chief of staff when he was New Jersey governor. He joined MF Global in September 2010.
  

Steenkamp has been with the company since 2006. He became the company’s CFO in April.
   

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

Best of NJ 101.5

Recommended For You

Around the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to http://nj1015.com using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.