“We want to find out what happened to the customers’
money,” said Rep. Randy Neugebauer (R-Texas), chairman of the Oversight
and Investigations Subcommittee. “We want to know what was going on in
the regulatory world … and we also want to know what was going on inside
the corporation. We think we need to understand that.”
Neugebauer said Corzine had refused to appear voluntarily at the
subcommittee’s scheduled Dec. 15 hearing. Rep. Michael Capuano
(D-Mass.), the panel’s top Democrat, called the subpoena an
“unfortunate, but necessary” move.
MF Global filed for bankruptcy Oct. 31 and Corzine’s resignation
followed not long after. The firm is now under federal investigation to
determine how its customers’ funds disappeared – a court-appointed
bankruptcy trustee has said as much as $1.2 billion may be missing.
This is the third congressional subpoena in less than a week for the
former New Jersey governor, who was knocked out of office by Chris
Christie in 2009 and whose name has been floated as a potential Treasury
secretary candidate for the Obama administration.
The Senate Agriculture Committee, led by Sen. Debbie Stabenow
(D-Mich.), and the Republican-led House Agriculture Committee voted
unanimously within the last week to subpoena Corzine. U.S. farmers had
invested large amounts of money with the collapsed firm....
MORE