US House seeks testimony from Jon Corzine on MF Global

This is truly a heavyweight contest: the US Congress going head to head with the former head of Goldman Sachs, who is also an ex-senator.

A US House of Representatives committee has voted to subpoena the former head of collapsed brokerage firm MF Global, Jon Corzine.

Mr Corzine, the former Goldman Sachs chief and ex-senator for New Jersey, will now have to testify before Congress under oath.

An estimated $1.2bn (£760m) in customer cash is missing from MF Global's accounts.

MF Global was the first US casualty of the eurozone debt crisis.

Mr Corzine will testify before the House Agriculture Committee. Chairman Frank Lucas said his testimony "is essential to fulfil our objectives".

It is extremely rare for a former US congressman to have to testify in a federal investigation.

Mr Corzine has not yet confirmed whether he will appear. He resigned from the company on 4 November.

MF Global filed for Chapter 11 bankruptcy after making a $6.3bn bet on European sovereign debt.

The shortfall of customer cash doubled from original estimates of about $600m, according to liquidators.

Bankruptcy trustee James Giddens is leading an investigation into claims that MF Global misused its customers' cash in its final days of trading to shore up its own finances.

Source

Is this a sign that some level of accountability still exists for the banksters, or will the whole issue somehow ultimately get buried?

And I know we're now used to big sums being thrown around, but $1.2 billion of customers' cash disappearing into thin air still takes the breath away.

We can only hope that this is the beginning of the justice the American people need.

This link here, is a --live stream-- vid in the US House, of MF Global Mr. Corzine, but the hearings are in recess right now, as I type, Dec 8 2011 1:38pm US Central Time.
www.cnbc.com...

"Failure Was Not My Fault"
www.cnbc.com...


earlier video from Reuters
www.youtube.com...




Interesting miscellaneous commentary vid I found

reply to post by Saucerwench


Many thanks for alerting us to the latest news!

Via Reuters videos you can access several snippets relating to today's proceedings.

Here are some of them:








I found that last one particularly interesting.

I thought the last one was interesting, too.

Did WE miss something, or is this no big deal? He actually said, he has no idea where the money went? Conveniently enough...he resigns a few days PRIOR to? This is EXACTLY what i've been saying. When the banks go....your money goes, and you get an "oops, my bad".

Also, call me coo-koo...but...wasnt there a topic discussing a clock, on an illuminati web-page? Today is Thursday...and the weekend draws neigh. Wasn't there also another thread, talking about Dec. 12th, which would be Monday? Banks are closed on the weekends.

That would be CRA-ZY..if monday morning...the only thing left in the banks, were office chairs and tables. Closed for business...2 weeks before Christmas. Talk about pandemonium. And you use the banking system...becaaaaaause??? Please, remind me again?

CBS News: Corzine is stunned. Just stunned, I tell you! Stunned!

(Maybe he got tased by a mean OWS cop!)

www.cbsnews.com...$1.2b/

Maybe he really truly sincerely does not know where the 1.2 Billion went. I mean the ufo aliens couda took it. Stranger things have happened. (Of that, I'm certain! and it stunns me!)

Haha at his placard.

They have to label him honorable. Too funny. If they didn't label him, we'd have no idea he was honorable.

Originally posted by Saucerwench
CBS News: Corzine is stunned. Just stunned, I tell you! Stunned!

(Maybe he got tased by a mean OWS cop!)

www.cbsnews.com...$1.2b/

Maybe he really truly sincerely does not know where the 1.2 Billion went. I mean the ufo aliens couda took it. Stranger things have happened. (Of that, I'm certain! and it stunns me!)

He doesn't know where it went....because....IT NEVER EXISTED. It was just a keyboard stroke, with the illusion of being 'worth' something.

Come to think of it....does that mean i won't be getting my $16 million back? Last time i looked, at read: $16,000,000,000. (Yes, i know, i know....but, hah...who'll know the difference?)

Can i just ask something......are people under hypnosis??? No, seriously? Do they not HEAR, AND SEE...what these "people" are doing, to their lives??? I haven't used a bank, in 5 years. Why the heck, do i need 'them' to take care of MY money? I can add and subtract...without their added fees.