Posted on 12/08/2011 8:47:58 AM PST by lbryce
A contrite Jon S. Corzine will express both sorrow and a firm defense of his actions Thursday in his first public appearance since the collapse of MF Global Holdings Ltd. in late October.
"Recognizing the enormous impact on many peoples' lives resulting from the events surrounding the MF Global bankruptcy, I appear at today's hearings with great sadness," Mr. Corzine plans to say in testimony prepared for a hearing by the House Agriculture Committee, which subpoenaed the former MF Global chief executive Friday. A copy of the testimony was released early Thursday on the panel's website. The testimony Thursday is sure to be contentious. Mr. Corzine, who resigned as chairman and CEO of MF Global after its Oct. 31 bankruptcy filing, is a Democrat and former U.S. senator and governor of New Jersey.
He will face an intense grilling by the Republican-led committee, creating an atmosphere fraught with political drama. Mr. Corzine, 64 years old, received President Barack Obama's support in 2009 for his unsuccessful campaign for re-election as governor, and more recently held a fund-raising dinner for Mr. Obama.
Much of the day's testimony is likely to focus on a significant shortfall in customer funds at MF Global. As Mr. Corzine scrambled to stabilize the firm in its last days, it was discovered that hundreds of millions of dollars were missing in customer accounts.
The trustee overseeing MF Global's liquidation estimates the amount at $1.2 billion. Mr. Corzine will say in his testimony that he had little to do with the mechanics of moving customer cash and collateral and that he was "stunned" when he learned on Oct. 30 that the money was missing.
"I simply do not know where the money is," he will say, noting that "there were an extraordinary number of transactions during MF Global's
(Excerpt) Read more at online.wsj.com ...
They should give him at least 20 years to think about where the money went behind bars.
And this guy was governor of NJ for four years.
“Gee Mrs. Dice, I simply don’t have any idea where our life savings went ... “ td
A thorough forensic accounting, if ever permitted, would answer some questions.
Would this man lie for a billion or so dollars?
Do you think the (D) members of the committee will address him as “Senator”?
It does sort of rub it in...:^)
Its the Hillary Clinton defense...,"I don't remember..."
I do think it’s a little late for this scumbag to try to convince everyone that he doesn’t have the brains to run the corner liquor store.
Sarbanes meant a great deal - to the IT industry at least. Billions and billions of dollars complying with 404, for example - everything is discoverable, you know.
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