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December 05, 2011

House panel subpoenas Corzine on MF Global


Former NJ governor Jon Corzine doesn't seem to be adapting well to the private sector. (UPI Photo/Roger L. Wollenberg)

(UPI) -- A U.S. House committee voted to subpoena former New Jersey Gov. Jon Corzine to appear at a hearing on the collapse of the brokerage firm he once ran.

The House Agriculture Committee agreed to subpoena Corzine to appear before lawmakers to discuss MF Global's bankruptcy, one of the largest in U.S. history, and what happened to more than $1 billion in customer funds that apparently vanished, The Hill reported.

"His testimony is essential to fulfill our objectives of our constituents," Chairman Frank Lucas, R-Okla., said.

Lucas said the vote was necessary because Corzine hasn't indicated whether he would voluntarily appear before the committee for the hearing devoted to MF Global's collapse.

The disappearance of the money spawned a federal investigation into MF Global, with the Commodity Futures Trading Commission searching for the missing money and the FBI looking into a potential criminal case, The New York Times reported.

Corzine, who ran MF Global before he resigned Nov. 4, also has been asked to testify before two other congressional committees. The one-time U.S. senator and governor from New Jersey hasn't been accused of any wrongdoing.

A representative for Corzine declined to comment to the Times.

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