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Cmte Financial Services (R)
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Financial Services Subcommittee Subpoenas Corzine

Washington, Dec 7 -

The Financial Services Subcommittee on Oversight and Investigations, chaired by Rep. Randy Neugebauer, has voted unanimously to subpoena Jon Corzine, the former executive of MF Global.

Corzine is being directed to testify before the Subcommittee on Thursday, December 15 at 1 p.m. when the Subcommittee will hold a hearing to examine the causes and consequences of MF Global’s collapse as well as the level of coordination between the firm’s regulators.

Corzine had been invited to voluntarily appear before the Subcommittee on December 15 but he refused the invitation through his attorney.

Subcommittee Chairman Neugebauer said, “Mr. Corzine’s appearance before the Subcommittee is necessary to help identify the causes of MF Global’s collapse and what happened to its customers’ funds.  Clearly, Mr. Corzine’s testimony, along with that of other witnesses, will help the Subcommittee to properly and thoroughly examine MF Global’s corporate behavior and will assist in identifying potential regulatory failures.”

“MF Global customers who have lost millions of dollars – all without a trace – underline the importance of the Subcommittee’s focus on the MF Global meltdown,” said Financial Services Committee Chairman Spencer Bachus.

Corzine served as MF Global’s chairman and chief executive officer from March 2010 until shortly after the firm filed for bankruptcy on October 31.

Other witnesses who have been invited to appear at the hearing are:

• Bradley Abelow, Chief Operating Officer and President, MF Global
• Gary Gensler, Chairman, Commodity Futures Trading Commission
• Richard G. Ketchum, Chairman and Chief Executive Officer, Financial Industry Regulatory Authority
• William Dudley, President, Federal Reserve Bank of New York
• Robert Cook, Director, U.S. Securities and Exchange Commission’s Division of Trading and Markets
• Terry Duffy, Executive Chairman,CME Group