Even though he has had several days in which to "review his notes", the follow up testimony by former MF Global CEO Jon Corzine to the Senate Agriculture Committee starting momentarily will be replete with "I don't recalls" and "to the best of my knowledge" and will be largely devoid of all content, suffice to say it was not his intention to break the main law of broker dealers- no commingling. It will be even worse because today he will be joined by MF global's CFO and COO as well, all of whom will be completely clueless once again, and needless to say, shocked, SHOCKED, that they stole billions from their clients. Watch the full webcast below.
From the Senate Agri Committee
On October 31, 2011, MF Global Holdings Ltd. declared bankruptcy – the eighth largest bankruptcy in U.S. history. Since then, federal officials have been unable to find a significant amount of the firm’s customer’s money. It is currently estimated that up to $1.2 billion in customer funds is missing. The Senate Committee on Agriculture, Nutrition and Forestry has jurisdiction over the sort of commodity trading that MF Global was engaged in, and the hearing on December 13 will be a continuation of the Committee’s investigation into the firm’s bankruptcy.
Witnesses
Panel I
Mr. Roger Hupfer
Grain Elevator Operator
Freeland Bean & Grain, Inc.
Freeland , Michigan
Mr. Jeffrey Hainline
President
Advanced Trading, Inc.
Bloomington , IL
Mr. Dean Tofteland
Farmer
Luverne , MN
Mr. C.J. Blew
Farm/Rancher, Chairman of the Board, Board Director
Mid Kansas Cooperative Association, Board of CHS, Inc.
Hutchison , KS
Panel II
Hon. Jon S. Corzine
Former Chairman and Chief Executive Officer
MF Global Holdings Ltd.
New York , NY
Mr. Henri Steenkamp
Chief Financial Officer
MF Global Holdings Ltd.
New York , NY
Mr. Bradley Abelow
President and Chief Operating Officer
MF Global Holdings Ltd.
New York , NY
Panel III
Mr. Terrence Duffy
Executive Chairman
CME Group
Chicago , IL
Mr. James W. Giddens
Trustee
Securities Investment Protection Act liquidation of MF Global, Inc.
New York , NY
Hon. Jill Sommrs
Commissioner
Commodity Futures Trading Commission
Washington , DC