This cannot be fun for Sena-Govenor Corzine. The House Agricultural Committee has voted unanimously to subpoena him to testify about the recent debacles at MF Global. As you’ll remember from our earlier post, MF Global somehow misplaced hundreds of millions of customer monies. Ooops.
Corzine does not yet face any charges, but he has hired criminal counsel and as a threshold matter it will be interesting to see if he takes the fifth. The fith amendment that is … Surely he wants to testify, but he’s got to be careful. All news reports suggest he was right smack in the middle of MF Global’s demise — betting big time on Europe’s sovereign debt — and surely leveraging those bets — while eschewing his own risk management department. Stay tuned.
If he testifies, this promises to be a fascinating hearing.