WASHINGTON – The Senate Agriculture Committee voted Tuesday to subpoena former Sen. Jon Corzine to testify about the collapse of MF Global.
Sen. John Boozman, R-Ark., and other members of the panel hope Corzine, the former chairman and CEO of the futures brokerage firm, can shed some light on what happened to an estimated $1.2 billion in client funds that have apparently gone missing.
“This is an unprecedented step, for a former Senator to be subpoenaed to appear before the committee, and we do not take this decision lightly.” Boozman said. “However, there is as much as $1.2 billion in customer assets missing and we need to find out what happened to them.
The lawmakers have heard complaints from farmers, ranchers and other business owners who say they lost money deposited with the firm for investments in the futures market as a hedge against risks.
Corzine, a Democrat who represented New Jersey in the Senate from 2001 to 2005, is expected to testify at a Dec. 13 hearing. The House Agriculture Committee is also compelling him to testify at a hearing this Thursday.