THE FORMER chief executive of collapsed broker MF Global said he “never intended to break any rules” as he admitted he does not know what happened to millions of dollars of missing client money.
Jon Corzine said he “simply does not know” the location of the cash, when questioned by the US House Agriculture Committee, his first public appearance since the firm filed for bankruptcy on 31 October.
MF Global is under investigation over claims it raided customers’ segregated funds for its own needs. When Corzine was asked if he permitted this type of transfer, he said: “If I did, it was a misunderstanding.”
Congressmen criticsed Corzine for not giving straight answers. Democrat David Scott said: “I can count the times you used the words never intend, ‘not to my knowledge, not to my recollection, never intended to’.”