Tags: Corzine | Subpoena | MF | Global

Corzine Subpoena Approved by Senate Panel in MF Global Probe

Wednesday, 07 Dec 2011 06:57 AM

 

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The U.S. Senate Agriculture Committee voted to subpoena Jon S. Corzine, former chairman and chief executive officer of MF Global Holdings Ltd., for a Dec. 13 hearing on the collapse of the New York-based brokerage.

Lawmakers on the panel voted unanimously in Washington to issue the subpoena. Corzine is already scheduled to appear at a Dec. 8 hearing of the House Agriculture Committee, which subpoenaed him last week.

MF Global filed for bankruptcy protection on Oct. 31. The U.S. Commodity Futures Trading Commission, Securities and Exchange Commission and Justice Department are investigating as much as $1.2 billion in missing customer funds.

“We believe that it’s necessary to compel Mr. Corzine to testify,” Senator Debbie Stabenow, the Michigan Democrat who leads the panel, said. “We’ve been in touch with Mr. Corzine’s attorney. We have given him a deadline to get back to us. We have extended that deadline, but we cannot keep waiting.”

Corzine, a Democrat who served in the Senate and as New Jersey’s governor, joined MF Global in March 2010 with a plan to remake the company into an investment bank in the image of Goldman Sachs Group Inc., where he had been co-chairman before entering politics. Corzine resigned from MF Global on Nov. 4.

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