House calls Corzine to testify over MF Global

@CNNMoney November 22, 2011: 4:58 PM ET

NEW YORK (CNNMoney) -- The House Financial Services Committee has called on former New Jersey governor and MF Global CEO Jon Corzine to give testimony about the widening scandal at the bankrupt brokerage.

A hearing scheduled for December 15 will focus on "decisions and events leading to the collapse of MF Global, the effectiveness of regulators in overseeing MF Global's activities, and the impact MF Global's bankruptcy will have on its customers," the Committee said in a statement.

Corzine has been summoned to testify along with other witnesses including MF Global President Bradley Abelow, Commodity Futures Trading Commission Chairman Gary Gensler and Federal Reserve Bank of New York President William Dudley.

Jeff Emerson, a spokesman for the Financial Services Committee, said it was not yet clear whether Corzine would show up for the hearing, though the committee has the power to subpoena him if it so chooses. A lawyer for Corzine did not immediately return a request for comment, nor did a spokeswoman for MF Global.

MF Global: The mess that keeps getting messier

Corzine resigned from his position at MF Global (MFGLQ) earlier this month. The firm was forced to file for bankruptcy in October after it disclosed $6.3 billion in exposure to troubled sovereign debt from weak European countries, sparking panic among investors.

The trustee administering the bankruptcy said Monday that more than $1.2 billion in customer funds at the firm may be unaccounted for, a controversy being investigated by the FBI and federal prosecutors. Analysts believe MF Global may have improperly mixed customer funds with its own, though no one at the firm has been accused of wrongdoing at this point. To top of page

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