Posted on 12/08/2011 9:02:30 AM PST by Hojczyk
Former MF Global chief Jon Corzine apologized to customers, employees and investors who have suffered because of the brokerage firm's collapse, but said he does not know where missing customer money is.
"Their plight weighs on my mind every day -- every hour," Corzine, a former U.S. senator, said in 21 pages of remarks prepared for delivery on Thursday before the House Agriculture Committee.
"I simply do not know where the money is, or why the accounts have not been reconciled to date," he said.
Corzine's contrite but defensive remarks are his first since MF Global's October 31 bankruptcy and his resignation days later. Revelations of massive bets on European sovereign debt caused markets to lose confidence in the firm.
The search for hundreds of millions of dollars in missing customer funds has sent reverberations through the farm belt and trading floors, and has attracted the attention of the FBI and federal prosecutors. Thousands of customers have had their money frozen.
"It appears to me that nobody has learned a thing from what's gone on here. Wall Street is operating as if 2008 never happened," said Collin Peterson, the top Democrat on the Committee, referring to the recent financial crisis.
In separate testimony, a top executive of futures exchange operator CME Group Inc said MF Global misused hundreds of millions of dollars of customer funds by moving the money to its own accounts, the strongest accusation yet against the bankrupt futures brokerage. "Transfers of customer funds for the benefit of the firm constitute serious violations of our rules and of the Commodity Exchange Act," CME Executive Chairman Terrence Duffy said in prepared remarks. CME, the biggest U.S. futures exchange operator, was a hands-on regulator of MF Global.
(Excerpt) Read more at finance.yahoo.com ...
That wouldn’t wash, mojito. Everybody knows that the gnome bankers at Gringott’s never lose a cent. I’d suggest the Death Eaters. High-maintenance types there.
I guess we’ll see if SOX applies to the “Governing Class”.
So says the kid with chocolate all around his lips when asked who ate the candy bar?
Just put him in a cardboard SarBox and keep him there!
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