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Former NJ Governor Corzine Testifies At House Hearing On Financial Firm’s Collapse

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(Credit: Mark Wilson/ Getty Images)

(Credit: Mark Wilson/ Getty Images)

David Madden David Madden
David Madden is a Philadelphia native with virtually a lifetime of...
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By David Madden

WASHINGTON, D.C. (CBS) – Former New Jersey governor and US senator Jon Corzine was testifying today before a House Committee looking into the collapse of MF Global, the Wall Street firm that Corzine took over after leaving the governor’s office almost two years ago.

Corzine had not spoken publicly until now about the documented loss of a half-billion dollars by investors and another $1.2 billion that cannot be accounted for.  He insists he has no idea where that money is, but says he feels the pain of those who have lost money.

“Their plight weighs on my mind every day,” Corzine told the lawmakers.  “As the chief executive officer of MF Global at the time of its bankruptcy, I truly apologize to all those affected.”

It was the eighth largest bankruptcy in US history.

Corzine offered to appear before the House Agriculture Committee next month, when he hoped to have more answers, but the committee issued a subpoena instead.

Corzine says his former firm thought it was a good bet to invest in foreign debt to turn its prospects around, but things went sour in October.

Corzine is in a somewhat awkward position.  His testimony here could be used against him as the FBI and federal regulators conduct separate investigations.

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