We linked to their
LiveBlog (better than a transcript) yesterday, here's Deal Journal's wrap-up:
While we were live blogging
the Congressional hearing into the collapse of MF Global, Deal Journal
also kept a scorecard on Jon Corzine’s hotly anticipated first public
explanations of what went wrong at his firm.
Yes, Corzine ducked plenty of questions, but he didn’t — as many
expected — plead the Fifth. His quasi-candor, and the usual political
theater of Congressional hearings, gave spectators plenty to chew over.
Here is a look at Corzine’s Congressional appearance by the numbers:
Two Hours, 33 Minutes:
The length of Corzine’s appearance before the House committee,
according to Deal Journal’s stopwatch. The time excludes an hour-plus
break for the members of Congress to leave the hearing room and vote on
another matter.
15
Deal Journal’s rough tally of the number of ways Corzine found to
duck or deflect questions he couldn’t wouldn’t answer. Among the reasons
he gave were: Inability to access his notes, emails and other financial
records to explain what happened at MF Global (5 times); “It would be
hard for me to speculate” or similar variations (5 times); The tally
includes…
At Least Five
Deal Journal’s count of how many times Corzine used the phrase “I did
not intend,” or some variation of the phrase. As any lawyer or
well-rehearsed former financial executive will know, intent is key to
prove culpability in court.Corzine used this phrase so often that the
House members noticed. Rep. K. Michael Conaway (R.-Texas and a trained
CPA) said, “I understand why you keep using the word ‘intent.’”
Crisis-communications executives had told Deal Journal that Corzine
would have to show sympathy for those who suffered from MF Global’s
collapse, but at the same time not give law-enforcement officials or
plaintiffs lawyers any ammo for future litigation.
Six
The number of different ways Corzine said, “I’m Sorry.” Here’s a look at a few:
* My sadness, of course, pales in comparison to the losses and
hardships that customers, employees and investors have suffered as a
result of MF Global’s bankruptcy. Their plight weighs on my mind every
day – every hour. And, as the chief executive officer of MF Global at
the time of itsbankruptcy, I apologize to all those affected. (from Corzine’s prepared testimony.)
* I could not be more regretful the stress we bring to people’s lives.”
* “My own expectation even at these late hours is that the money will
be recovered,” said Corzine about roughly $1.2 billion that has gone
missing from MF Global segregated client funds. Corzine
expressed “anguish” for the clients who don’t know where their money
went.
* Corzine said he was in “stunned disbelief” when he was told about the shortfall in MF Global client funds....MORE
