House Panel Schedules Corzine, Regulators To Testify On MF Global
December 06 2011 - 2:11PM
Dow Jones News
The U.S. House of Representatives Committee on Agriculture
released a witness list for a Thursday hearing on the downfall of
MF Global Holdings Ltd. (MFGLQ), which includes the firm's former
chief executive Jon Corzine.
Jill Sommers, the Commodity Futures Trading Commission member
leading the investigation into as much as $1.2 billion in customer
money still missing from MF Global, is also scheduled to appear
before the panel, according to the witness list released Tuesday.
Lawyer James Kobak will represent court-appointed trustee James
Giddens, who is winding down the brokerage.
MF Global collapsed on Oct. 31 after a series of credit
downgrades, a surprise quarterly loss and a rapid decline in its
stock price left it scrambling to sell itself. An 11th-hour deal
for the company fell through after the shortfall in client funds
came to light.
The Wall Street Journal reported Tuesday that Corzine is
expected to appear at the hearing after he was subpoenaed by the
House Agriculture Committee. He has yet to appear publicly since
his firm's demise.
Terry Duffy, executive chairman of CME Group Inc. (CME) and MF
Global's main regulator at the exchange level, is also set to
appear. So is Stephen Luparello, vice chairman of the Financial
Industry Regulatory Authority, which also oversaw aspects of MF
Global's business and last summer asked the firm to set aside more
cash to offset its greater risk-taking.
Dan Roth, president and chief executive of the National Futures
Association, was asked to appear, alongside William Brodsky,
chairman and chief executive of Chicago Board Options Exchange
parent CBOE Holdings (CBOE). Representatives of the National Grain
and Feed Association and the Commodity Markets Council will also
testify, according to the list.
-By Jacob Bunge, Dow Jones Newswires; 312 750 4117;
jacob.bunge@dowjones.com
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