Panel Subpoenas Corzine In MF Global Scandal
With bipartisan support, the House Agriculture Committee moved Friday to subpoena former New Jersey Democratic Sen. Jon Corzine to testify regarding the collapse of MF Global and the loss of customer funds belonging to farmers who relied on the futures broker.
While at least two other congressional committees are also seeking an appearance by Corzine, MF Global’s former CEO, the House panel’s action is the first to go so far as a legal subpoena and reflects the growing impact of the scandal.
“The events that have unfolded since Oct. 31 are unprecedented and have resulted in the loss of property for many of our constituents and a loss of confidence in the futures markets for many more,” said Agriculture Chairman Frank Lucas (R-Okla.), who has scheduled a hearing Dec. 8. “It is this committee’s responsibility to shed light on the facts and circumstances surrounding the bankruptcy.”
Lucas enjoys strong support from the ranking Democrat on the panel, Rep. Collin Peterson (D-Minn.) who has urged the panel to move aggressively on the scandal. And indeed, there is a growing sense that the case could become a political liability for both parties.
Corzine’s Democratic credentials and past ties to Gary Gensler, now chairman of the Commodity Futures Trading Commission, are surely grist for the GOP political mill. But Republicans must also tread carefully since the case exposes how weak the government regulatory apparatus already is at a time when budget cuts imposed by the House GOP have made it harder to implement promised Wall Street reforms.
Hundreds of millions of dollars from segregated customer accounts is missing, and the case draws a stark contrast between the high-flying Corzine, New Jersey’s former governor and a wealthy veteran of Goldman Sachs, vs. Midwest and Great Plains farm interests. Both the Senate and House Agriculture panels are feeling pressure from farmers at home, and the case could have a ripple effect on the larger debate over proposed CFTC rules to govern the swaps market and trading of derivatives.
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