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Jon Corzine Stumped Over MF Global Failure

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  • Description

    Former CEO questioned on Capitol Hill

  • Duration 2:30
  • Date

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Care law.

Democrat Jon Corzine today became the first former sender in more than 100 years to testify before congressional panel pursuant to a subpoena.

The onetime ally of President Obama told lawmakers about his role in one of the most stunning corporate collapses in the history of Wall Street.

Chief Washington correspondent James -- report.

It's.

Making his first public comments since the collapse of MF global the brokerage firm he led and whose bankruptcy in October marked the eighth largest in American history.

Jon Corzine expressed deep regret but denied criminal culpability.

Every effort.

And intent and my actions.

Were to do the right thing.

But Corzine could not explain why MF global failed as required by securities statutes to segregate customer funds from the firm's -- -- nor what happens -- the one point two billion in client funds now unaccounted for he told the house agriculture committee he played a quote limited role in the firm's accounting.

And that he's not had access to the records that would allow him to reconstruct and that's chaotic final days.

And as a consequence.

It would be very hard for me to speculate.

Why it won't Wear that shortfall.

Took place.

A former chairman of Goldman sacs Corzine explain the complicated deals known as repurchase transactions to maturity or -- post.

But MF used to buy sell and buy back European sovereign debt.

But the democratic former New Jersey senator and governor also disputed widespread reporting.

Alleging that -- that fails chiefly because he invested in such debt to aggressively.

I think.

Inability for those of us in management and mammoth global too.

Convey what the losses.

Were all about who often got completed with.

Euro sovereign positions which there actually were no losses.

A lot of people who suffered dramatically.

And will suffer since they won't be able by -- they won't be able to buy equipment they won't be -- and best.

For the future here this coming year in what they do they've suffered dramatically.

Corzine now faces at least seven federal investigations and multiple lawsuits -- trustee has dispersed four billion in MF global assets.

-- that one point two billion remains unaccounted for Corzine spoke with evidence sadness about the situation.

But when pressed to say whether he would use his own fortune to make up any shortfalls.

He said now.

-- jams thank you the Environmental Protection Agency says.

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