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House Panel Subpoenas MF Global's Jon Corzine

Posted on 02 Dec 2011

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A U.S. House committee on Friday voted to subpoena former MF Global chief Jon Corzine to testify before Congress.

he House Agriculture Committee is holding a hearing on Dec. 8 to examine the futures brokerage's collapse and the ongoing search for hundreds of millions of dollars in missing customer funds.

In a statement, the committee said Friday's subpoena is to "compel the attendance of a witness" — Corzine — at the subsequent hearing.

Frank Lucas, an Oklahoma Republican who chairs the House committee, in a statement did not refer to Corzine by name, but said the committee has not received confirmation that all witnesses it invited will attend.

He said it is critical that the committee examine all facts and circumstances that led to MF Global's Oct. 31 bankruptcy, and subsequent efforts to recover customers' money.

Corzine is a former New Jersey governor and chief at Goldman Sachs. He resigned from MF Global on Nov. 4 after making a big bet on European sovereign debt that led to the brokerage's bankruptcy.

Federal investigators, including from the Commodity Futures Trading Commission, are probing the estimated hundreds of millions of dollars missing from MF Global customer accounts.

The Senate Agriculture Committee has asked Corzine to testify at its own hearing on Dec. 13, and a House Financial Services subcommittee has asked him to testify two days later.