December 9, 2011
Corzine Surprises and Testifies
Former MF Global chief executive Jon Corzine chose not to invoke his constitutional right to silence and yesterday testified before a House committee. While Corzine's decision to testify surprised me (see here), his testimony was what I would have expected of a corporate officer in his position -- he saw no evil, heard no evil and did no evil. Indeed, Corzine was "stunned" when he was told that MF Global could not account for a reported $1.2 billion missing from customer funds.
Perhaps previewing a defense he may later present in a courtroom, Corzine said it was possible, although improbable, that his employees might have moved customer funds at what they believed was a direction from him. If so, however, he testified they must have misunderstood or misinterpreted what he said.
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