House Republicans Point Finger at Corzine for MF Global Collapse
According to a congressional report - Jon Corzine is to blame for the collapse of MF Global. The report details the findings of a year-long investigation by Republican staffers on the House Financial Services Oversight Subcommittee. While there is no mention of criminal wrongdoing in the report - Texas Representative Randy Neugebauer - Chairman of the House panel - says farmers, ranchers and other customers may never get back over a billion dollars of their money as a result of Corzine's decisions. Corzine's spokesman says 80-percent of that money has been returned. Corzine's team also denies nearly every claim made by the subcommittee. The leading Democrat on the subcommittee - Michael Capuano of Massachusetts - agrees with some of the report's observations. He says others need more commentary - which is why he and other Democrats will provide an addendum to the report.
MF Global filed for bankruptcy protection in October of 2011. Corzine resigned as Chairman and Chief Executive just days later. Corzine had previously served in the U.S. Senate and as Governor of New Jersey.
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