Corzine offers Testimony of the Week

From the Washington Post website:

“I simply do not know where the money is, or why the accounts have not been reconciled to date,” Corzine said, according to the testimony....


Jon S. Corzine, the former U.S. senator and governor who presided over the collapse of the commodities brokerage MF Global, told lawmakers Thursday that he never intended to authorize a transfer of customer funds to the firm’s accounts and that if he did “it was a misunderstanding.”


...Corzine served as chairman and chief executive of Goldman Sachs but, according to published accounts, was forced out.

He used the personal fortune he built at Goldman to fuel his ascent to the U.S. Senate, where he served on the Banking Committee. He later won the New Jersey governorship. In 2007, he was badly injured in a car crash.

He ran for reelection as governor of New Jersey in 2009 but was defeated by Republican Chris Christie...

At MF Global, Corzine was returning to his Wall Street roots. The job could have served as a step toward a political comeback. As recently as last spring, he hosted a fundraiser for President Obama.

Now, Corzine’s disastrous tenure at MF Global has left him in a harsh spotlight. The House Agriculture Committee isn’t the only congressional panel eager to question Corzine.

The Senate Agriculture Committee on Tuesday voted unanimously to subpoena him for a Dec. 13 hearing, and the House Financial Services Subcommittee on Oversight and Investigations voted 15-0 Wednesday to subpoena him for a Dec. 15 hearing.
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Link: http://www.washingtonpost.com/business/economy/jon-corzine-to-tell-house-panel-he-doesnt-know-where-customers-money-went/2011/12/07/