Jon Corzine and the other two chiefs of MF Global repeatedly denied on Tuesday that they have any knowledge of what happened to $1.2 billion in segregated customer assets that disappeared shortly before the company went bankrupt. Corzine and the others have not yet been charged with a crime, but there is speculation that the firm may have violated laws that require futures firms to segregate client money from money used to bankroll the company.
In a hearing before the Senate Agriculture Committee that wrapped up Tuesday afternoon, Corzine denied that any of these laws were broken under his instructions. “I never directed anyone at MF Global to misuse customer funds,” Corzine said. “I never intended to, and as far as I’m concerned I never gave instructions that anyone could misconstrue.”
“To the best of my recollection,” he later said, “I do not recall participating in any conversation about the use of customer segregated funds or assets for any purpose other than what they were intended to be used for.”
Corzine will appear at another hearing before the House Financial Services subcommittee on Thursday.