Blog Recap: Jon Corzine Testifies on MF Global
NEW YORK (TheStreet) -- Former MF Global (MFGLQ.PK) CEO Jon Corzine said he doesn't know what happened to the hundreds of millions of dollars of customer money that has gone missing at the bankrupt broker-dealer.
In prepared testimony delivered in front of the House Committee on Agriculture Thursday morning, Corzine said he was not intimately involved with the mechanics of clearing and settlement trades or in the movement of cash or collateral and was not an expert in the "complicated rules and regulations " governing the various different operating businesses.
He said he was "stunned" to find out on the Sunday before MF Global filed bankruptcy on Oct. 31 that the company couldn't account for hundreds of millions of dollars of customer money."I simply do not know where the money is, or why the accounts have not been reconciled to date," he said in his testimony. "I do not know which accounts are reconciled or whether the unreconciled accounts were or were not subject to the segregation rules."
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