Corzine Testimony: I Don‘t Know Where Firm’s Missing Money Is
- Posted on December 8, 2011 at 9:58am by
Becket Adams
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Jon Corzine plans to tell a House committee that he doesn‘t know the location of clients’ money that went missing from failed investment firm MF Global.
The former U.S. senator 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 prepared testimony posted Thursday on the House Committee on Agriculture’s website, Corzine apologizes to “all those affected” by MF Global’s failure. The company filed for bankruptcy protection on Oct. 31. 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 the statement. He says he can’t say whether there were “operational errors” at MF Global or whether banks or other companies have held onto funds that should be returned to MF Global.
Corzine, 64, said many people in his position would invoke their Fifth Amendment right to avoid answering questions – a move that was widely expected. But he says that as a former senator he recognizes the importance of congressional oversight and will try his best to answer the panel’s questions.
Corzine, however, leaves open the possibility that he will decline to answer some questions. He says that since his resignation from MF Global, he hasn’t had access to certain information he might need to “reconstruct the events that occurred during the chaotic days and the last hours leading up to the bankruptcy filing.”
“Without adequate time and materials to prepare, I may be unable to respond to various questions members might pose,” he says.
Attempting to answer questions poses a risk for Corzine. Anything he might say could be used against him in a courtroom, should Corzine ever be charged in the case. The FBI and several federal regulators are investigating MF Global.
Lawmakers in both parties may have a lot to ask him. Some have heard from farmers, ranchers and small business owners in their districts who are missing money deposited with the firm.
Agricultural businesses use brokerage firms to help reduce their risks in an industry vulnerable to swings in oil, corn and other commodity prices. But MF Global increased risks by making big bets on European government debt – bets that proved disastrous.
In his testimony, Corzine says MF Global sought to restructure the Europe investments in a way that reduced the risk to the firm. Corzine says he “strongly advocated” the investments and takes responsibility for them.
“I believed that [MF Global's] investments in short-term European debt securities were prudent,” Mr. Corzine will say, according to the Wall Street Journal. “There were discussions at board meetings, at which the transactions were described, analyzed and debated.”
Legal experts say Corzine could be held personally liable for misrepresenting to investors the risks the firm had taken. Other top MF Global executives also could face legal jeopardy, they say. Corzine will say Thursday that the company’s board signed off on the investments and was aware of the risks involved.
It’s the first time in more than 100 years that Congress has subpoenaed a former senator to testify, according to Senate historian Don Ritchie. The occasion blends the two worlds Corzine has occupied for his professional life – Wall Street and public office.
A Democrat, Corzine represented New Jersey in the Senate from 2001 through 2005. He later served as the state’s governor. Before entering politics, he was CEO of Goldman Sachs from 1994 to 1999.
Several class-action lawsuits on behalf of shareholders have been filed against Corzine and three other top executives. A bankruptcy court is consolidating the suits. They accuse the firm and its leaders of making false statements about MF Global’s strength and cash balances.
Update: Read Corzine’s prepared remarks via USA Today
Update: House Panel Holds Hearing on Collapse of MF Global
The Associated Press contributed to this story. This is a breaking story. Updates will be added.
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Comments (200)
SpankDaMonkey
Posted on December 8, 2011 at 10:38am.
I Don‘t Know Where Firm’s Missing Money Is…….Yeah right……….
Have you tried looking in your back pocket?…………
Report Post »Give Me Newt Or Give Me Death
Posted on December 8, 2011 at 10:56amhe would need a big wallet for all he stole.
Report Post »v-vet1968
Posted on December 8, 2011 at 1:50pmwe the people who believe in this GREAT COUNTRY maybe its time to open a can of 1776 on these clowns and take our country back before they give it to china ???
Report Post »hud
Posted on December 8, 2011 at 2:18pmLittle o’s got it, along with the Solendra spoils
Report Post »SHOWMESTATEGUY
Posted on December 8, 2011 at 2:27pmCorzine and BO. Two peas in a pod. The trouble is you could take away BO and pair any dem lib with Corzine and you would still have two peas in a pod. The dem party is corrupt to the core.
Report Post »Roberto G. Vasquez
Posted on December 8, 2011 at 2:27pmYes, or in “O’s?
I don’t know about you folks, but I’m getting a wee bit tired of Democrats using the old TV NAZI Sgt. Schultz trick of saying, “I don know nuttin!” when they get caught stealing. Everyone knows damn well that they either know, or are stuck on stupid!
Report Post »spotcoon
Posted on December 8, 2011 at 2:55pmI‘m praying for the day that a shower pic is circulated of ’bammy scrubbing Corzines‘ back who is scrubbing Blagos’ butt——–All At The Same Time, At The Same Prison Shower!
Report Post »Morris
Posted on December 8, 2011 at 3:11pmGive Corzine a cell next to Ernie Madoff?
Report Post »“O” I forgot Corzine is a good friend of Dictator Barack Hussein Obama and Joe Biden?
“O” Also Corzine is fundraiser for Dictator Obama?
Well Dictator Obama will have to fix this so that Corzine will not spend time in prison?
Corzine said I don’t know were the 1.2 Billion Dollars went?
Another Obama Fundraiser,another damn Corrupt lieing stealing SOB!!!!!!
Will Dictator Obama get him OFF?????????????????
TXVET48
Posted on December 8, 2011 at 4:07pmBHO will pardon the crook. They’ll both live off the “lost” money.
Report Post »Freedom from liberals
Posted on December 8, 2011 at 7:36pmDidn’t Obama and Biden call Corzine early on because he was one of the smartest guys around. Well that just tells you how smart Odrama and Biden are. Corzine was also on the short list for Secretary of Treasury. Now that’s the guy I want guarding the Vault.
Report Post »Libertarian B 4 Libertarians Were Cool
Posted on December 8, 2011 at 10:03pmGive Me Newt Or Give Me Death
If it’s “Give Me Newt Or Give Me Death” then I hope you take one for the team, because Newt is in direct opposition to my belief “Give Me Liberty or Give Me Death.”
Report Post »Roywalling
Posted on December 9, 2011 at 12:49pmHis wallet only holds 1.1bil.The other half is in bama’s wallet.
Report Post »Detroit paperboy
Posted on December 8, 2011 at 10:36amAre the occupiers at his house yet ? Oops i forgot he’s one of their 1% so he’s OK…. hypocrites….
Report Post »Give Me Newt Or Give Me Death
Posted on December 8, 2011 at 10:50amLol. You’re so right. they selectively choose who they don’t like. go protest the koch bros but leave buffett and soros alone?
Report Post »Snowleopard {gallery of cat folks}
Posted on December 8, 2011 at 10:54amOn the money, I have to wonder how much of the ‘missing funds’ have gone to the admin to ‘make sure he is given a pardon if convicted.”
Report Post »smithclar3nc3
Posted on December 8, 2011 at 11:11amCorzine was in charge so he is the most responsible his assets show to seized and sold,followed by the next in line ,and follow that by the next in line and keep going until money is raised or they run out of employees.
Report Post »JRook
Posted on December 8, 2011 at 11:27amDoesn’t know where the money is. That’s as much a crock as the investment banks saying they did not know that their fraudulent mortgage backed securities and fake insurance (credit default swaps) were not created just to avoid reasonable banking and insurance rules. And that the problem was really caused by Fannie and Feddie. People we have the best politicians money can buy and these are the people buying them. Time to start over.
Report Post »last frontier
Posted on December 8, 2011 at 11:34amNothing to see here folks move along. Obama can say John was just some guy in the neighborhood. Lets see Obama has 1 billion dollars in his war chest it would be only fare that John would get 200 million of it, and the Clinton rats ate the crumbs that fell on the floor AGAIN.
Report Post »last frontier
Posted on December 8, 2011 at 11:37amThey said Clinton was coated with teflon because nothing would stick to him, so obama must be coated in SLIME because so far nothing is sticking to him.
Report Post »MIBUGNU2
Posted on December 8, 2011 at 11:39amLiars, Crooks and Thieves, one and ALL !!!!
Report Post »He was a Domotard Senator and Governor and
one of Obummers Buds, Is it any WONDER ????
drattastic
Posted on December 8, 2011 at 11:42amDon’t know where the money is ? Well we’ll see what the media has to say about that ….chirp….chirp….chirp… (crickets)….Oh yeah I forgot he’s a democrat ,all is forgiven.
Report Post »lillymckim
Posted on December 8, 2011 at 11:47amDid they check Obama and Bidens pockets?
Report Post »MIBUGNU2
Posted on December 8, 2011 at 11:53amFed Pen gonna have to set up Special Area for
Report Post »Ex Governors and Politicians ie: Greedy members
of the House !!! would probably fill the place
in no time………..
MIBUGNU2
Posted on December 8, 2011 at 11:56am@ lillymckim
Posted on December 8, 2011 at 11:47am
Did they check Obama and Bidens pockets?
I want My share too !!!!!
Report Post »Ruler4You
Posted on December 8, 2011 at 12:05pmThey go to the very best schools. They claim the very best jobs in government. They insist they know economics like the backs of their hands (and that is likely how the money ‘disappeared’). Yet they can’t perform simple book keeping.
There are a very large number of adjectives and nouns to describe these events and these behaviors.
I choose: crimes against humanity.
This is our money, granted, it was stolen from us by the U.S. government and handed over to these “poor multi-national” corporations so they could eek out a living for themselves in these tough times. But it’s clear that it was taken from citizens. And has been misappropriated or absconded with or both.
And poor American citizens are expected to just say; ‘oh, well.‘ ’Who can we give money we don’t have to next?’
This PIG is a criminal. Period. I say, IMHBLO, we need to dig a hole right next to Ken Lay and put this PIG in it.
Report Post »Walkabout
Posted on December 8, 2011 at 12:12pmGreat Line. That should be thrown in people’s face ad naseum.
“he’s one of their 1% so he’s OK”
Report Post »RightThinking1
Posted on December 8, 2011 at 12:23pm@Snowleopard
Report Post »It worked for Marc Rich.
Jinglebob
Posted on December 8, 2011 at 12:45pmHe simply does not know where the money is? Check all his pants pockets, they must have holes in them.
Report Post »chazman
Posted on December 8, 2011 at 1:16pm… OBAMMY knows where the money is …
Report Post »RightThinking1
Posted on December 8, 2011 at 10:35amStandard Operating Procedure for Obama and his cronies. At any rate, we know that $50,000 a month was being funneled to Clinton. On a related note, I highly recommend this regarding Steve Rattner, Obama’s Auto Czar who was sued by the SEC. To fully appreciate the sliminess of this guy, click the audio link in the article:
Report Post »http://www.nationalreview.com/planet-gore/285180/auto-czar-hangs-henry-payne
Give Me Newt Or Give Me Death
Posted on December 8, 2011 at 10:52amThanks for the link. That’s some good to know info.
Report Post »Walkabout
Posted on December 8, 2011 at 12:16pmCORZINE for President!
- Democrat Governor of New Jersey – Executive Experience
Report Post »- Democrat Senator ———————— Knows Washington
- Businessman He was a successful Goldman’s Sachs Exec
- Democrat (he doesn’t want to poison the environment, kill grandma, …)
– There would be a D by his name (Monicne, Your Sensei & JZS would vote for him)
eyestoseeearstohear
Posted on December 8, 2011 at 10:32amAhhh, yes!
The ole ” I DON’T KNOW WHAT HAPPENED TRICK”….
Let’s see…
The Head person is paid to BE RESPONISBLE FOR SAFE-KEEPING OF MONEY.
Money turns up MISSING.
Head person DOESN’T KNOW where money went to.
Head person MUST GOES TO PRISON FOR IRRESPONSIBLE.
It’s JUST that simple.
Report Post »eyestoseeearstohear
Posted on December 8, 2011 at 10:36amOOPPPSSS!
Correction:
Report Post »Head person MUST GO TO PRISON FOR BEING IRRESPONSIBLE.
Eliasim
Posted on December 8, 2011 at 10:40amThat’s what happens when people revolve around money and power. You know what? I’m tired and grumpy, and sick of thinking about this crap after 30 years.
Report Post »turkey13
Posted on December 8, 2011 at 10:42amHope new President will hie four 16 year ols hackers and follow money trail. A Billion dollars just doesn’t walk out the door. They will probably find one of Obama’s off shore accounts. Don’t forget to check under his wife name or the two daughters. Remember that he and his wife are both lawyers -like the Clintons. With Clintons we had a death in the White House – White Water – Travelgate – Monica and on and on but he only got in trouble for lieing to the American Public.
Report Post »biohazard23
Posted on December 8, 2011 at 10:46amCan I use that excuse if my checking account is overdrawn?
Report Post »Ne_FAL
Posted on December 8, 2011 at 11:01amThe fastest most efficient means of getting the truth out of Mr. Corzine is to play 20 questions with him & the accountants of MF Global while applying a electric stun gun/cattle prod to their privates . The loosening of tongues will be absolutely amazing.
Report Post »Walkabout
Posted on December 8, 2011 at 1:22pmCorzine gave it to JZS, MONICNE, Rose Ellen & Your sensei
Report Post »pamela kay
Posted on December 8, 2011 at 3:38pmEYESTOSEEEARSTOHEAR, I 100% agree.
Report Post »Cuthalu
Posted on December 8, 2011 at 10:31amYet another Goldman Sachs ex-employee involved in large sums of money “missing”. Why is it this group has it hands in so many instances of criminal activity and yet continue doing whatever they want, unrestricted? Aren’t most if not all of the employees of the Federal Reserve or ex-employees of Goldman Sachs? Why is nothing being done to stop them?
Report Post »Mtroom
Posted on December 8, 2011 at 12:36pmMoney shuffling, plain and simple…Send mass amounts in all directions and it will take to long to figure out what is really missing…That is when you take yours…I just love how criminals have been taking billions of dollars for years, but it is “evil wall street” that caused the problem..The criminals of wall street have moved on OWS..I have said it before..Your protesting the wrong guys..The criminals of wall street realized a long time ago, that they can do It legally as a politician..I believe that this is the largest organized crime family of all times..How was it the Kennedy’s made their money again? Let’s look at what is happening today, gun running, strong arm tactics, unions controlling the work industry, even the numbers racket, bribes, hush money..Hell, the list keeps going…Need to look long and hard at who you send into any office, needs to start in the schools.. We need to take our schooling of our children back…because these guys control the laws they break, and it will be tough to get them out. Honest , look at where the unions are positioned…Think for a minute..
Report Post »I.Gaspar
Posted on December 8, 2011 at 10:29amThis is Joe Biden’s “Go to” man when he needs financial advice, stated on the record numerous times early in obama’s reign.
Report Post »PPMStudios
Posted on December 8, 2011 at 10:29amHad I not known that Corzine was from NJ, I would swear he was a Chicago native….
Corzine doesn’t know where the money went? He should go to.Prison is where he belongs!!
But then again, he supports Obama and the Left so he’ll probably get a pass…. Is the amount he bundled for Obummer the amount he can’t find???
Report Post »Give Me Newt Or Give Me Death
Posted on December 8, 2011 at 11:54amIt does seem like it’s straight out of the chicago play book.
Report Post »Viking64
Posted on December 8, 2011 at 10:28amWith the Democrats documented history of corruption, illegal campaign contributions, bankrupt corporations, massive voter fraud, constant lost of financial documents, union payoffs, etc.,etc., why would anybody who went pass third grade ,be the least surprised this man is very tied to Obama , the Democrats and has no excuse for where any investor funds went? This is the most corrupt , misguided , socialistic bunch of political crooks in US history. Takers vs the providers and it’s very real! With Obama and Holder, this con man will get absolutely no punishment for his sleazy actions, they see him as no worst than any of their corrupt everyday fraudulent financial actions!
Report Post »broker0101
Posted on December 8, 2011 at 10:27am“Thank you very much for your cooperation, Mr. Corzine. You may go. Have a nice day”
Report Post »turkey13
Posted on December 8, 2011 at 10:34amHas anyone notice that since Bush left office that everything is now Billion or trillions. I would like to hear about greed and corruption that is just millions.
Report Post »FANGS
Posted on December 8, 2011 at 10:26amIt’s called money laundering. America is on the verge of revolution. all corruption must be destroyed. There is no other way to stop them, but with arms. If they live in this Country, we will find them. Conservatives will destroy all Evil, Now that it’s clear there is no laws.
Report Post »MBA
Posted on December 8, 2011 at 10:26amaccording to sarbane-oxley – this dunderhead had to sign the financial statements as the CEO saying everything was okey dokey at this company. If not, he is liable and has to go to jail. sarbane and oxley says so. Off to jail with this blatant criminal.
Report Post »Give Me Newt Or Give Me Death
Posted on December 8, 2011 at 10:52amdo you really think they’ll enforce it on their own?
Report Post »GoingBeck
Posted on December 8, 2011 at 10:22amStrap him to two devices: a polygraph machine and an IV delivery system.
Report Post »turkey13
Posted on December 8, 2011 at 10:28amHe had to spend all his money running against Christy.
Report Post »broker0101
Posted on December 8, 2011 at 10:30amI, or anyone who cares to learn, can beat a polygraph ten times out of ten. I guess that’s why you imply needing to drug the subject?
Report Post »TSUNAMI-22
Posted on December 8, 2011 at 10:47amAll I would need is his hand and a pair of needle-nosed pliers.
Report Post »Michael61
Posted on December 8, 2011 at 10:21amCorporatism at its best: Goldman Sachs CEO —> friend of Barack Obama –> U.S. Senator –> Governor –> MF CEO
And of course crook all the time.
Collusion between Wall street and the government, corruption, crony capitalism…
Report Post »Detroit paperboy
Posted on December 8, 2011 at 10:29amI misplace one billion dollars all the time…… Come on people !
Report Post »RichNGadsden
Posted on December 8, 2011 at 10:20amCORZINE TESTIMONY: I DON‘T KNOW WHERE FIRM’S MISSING MONEY IS
Report Post »Apparently, it’s magic.
Give Me Newt Or Give Me Death
Posted on December 8, 2011 at 10:53amlol…and you know that’s all he has to say. no one’s going to hold his feet to the fire.
Report Post »Hiswill
Posted on December 8, 2011 at 10:56amObama may find some of that money in his piggy bank.
Report Post »I misplace $5.00 and I freak out. Corzine can’t find a billion, I’m sure it will turn up……………..NOT!
TSUNAMI-22
Posted on December 8, 2011 at 10:20amWaterboard Corzine’s ass. I bet it’ll improve his memory regarding theft of billions.
Report Post »TNT_Party
Posted on December 8, 2011 at 10:20amIMPEACH. Prison time for the rest.
Report Post »barber2
Posted on December 8, 2011 at 10:20amHas he checked ex-Democrat congress man Jefferson”s freezer ?
Report Post »Big M 2011
Posted on December 8, 2011 at 11:43amBlago gets 14 years for trying to sell a Senate seat while Jefferson happily skips off to the Bahamas and oops! Corzinne can’t find a billion dollars? Just goes to show if you know the right people in the Democratic party, you never have to pay the piper.
Report Post »Gonzo
Posted on December 8, 2011 at 10:19amIf he was a Republican, he would end up in the cell next to Bernie Madoff. Since he’s an Obama campaign bundler, I’m sure there will be no reason found for that.
Report Post »Roywalling
Posted on December 9, 2011 at 1:24pmDoesn‘t bama want this case to be held in judge Judy’s court? R let sotomyer(spl?) to handle it
Report Post »V-MAN MACE
Posted on December 8, 2011 at 10:16amArrest him.
Report Post »countryfirst
Posted on December 8, 2011 at 10:14amThis man needs to be in the Obama administration, he more than qualified.
Report Post »Eliasim
Posted on December 8, 2011 at 10:14amWell if they would digitize money it wouldn’t be so hard to lose. Talk about stupid.
Report Post »Eliasim
Posted on December 8, 2011 at 10:14amI mean “Easy” to lose.
Report Post »TEIN
Posted on December 8, 2011 at 10:12amCorzine has proven that Libby/Progressive ideas don’t work twice!!! Just another Demo helping to destroy the US one leap at a time….
Report Post »Bluefish49
Posted on December 8, 2011 at 10:12amSounds like the old Steve Martin bit…..Mr. Martin…why didn’t you pay your taxes? I forgot.
Report Post »barber2
Posted on December 8, 2011 at 10:21amAnd maybe he can try Martin’s “ How To Make A Million Dollars And Retire Early ”….first, get a million dollars …
Report Post »AirtechJr
Posted on December 8, 2011 at 10:09amJust one more corrupt politician.
Report Post »AJAYW
Posted on December 8, 2011 at 10:06amHe funneled it to the democrate party for use in the 2012 election
Report Post »TSUNAMI-22
Posted on December 8, 2011 at 10:22amThat thought has crossed my mind more than once.
Report Post »CatB
Posted on December 8, 2011 at 10:23amThat is what I think .. I say follow the money … but will anyone with a backbone or “a pair” do so?
TEA!
Report Post »barber2
Posted on December 8, 2011 at 10:29amMaybe it‘s hidden safely away in Obama’s school records…
Report Post »Give Me Newt Or Give Me Death
Posted on December 8, 2011 at 10:53amdirty crooks all of them
Report Post »