House Panel Subpoenas Corzine

He is expected to testify on Capitol Hill next week over MF Global
By Newser Editors and Wire Services
Posted Dec 2, 2011 3:55 PM CST
Jon Corzine in a 2009 file photo.   (AP Photo/Mel Evans, File)

(Newser) – A congressional panel has subpoenaed Jon Corzine to testify next week about his role leading MF Global, the brokerage firm that collapsed five weeks ago after a disastrous bet on European debt. Thursday's hearing will be a rare moment in Washington. Congressional historians and Capitol Hill insiders cannot recall another time when a former member of Congress was summoned by his former peers to testify about a matter under federal investigation.

The House Agriculture Committee voted to issue the subpoena after the former New Jersey senator and governor failed to reply to an informal request to appear at the hearing. MF Global filed for bankruptcy protection on Oct. 31, and Corzine resigned as chairman and chief executive a few days later. The company appears to be missing more than $1 billion in client funds.

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