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‘Show Us the MF Money’ Part II: Latest Round of Corzine Congressional Testimony

By Doug Powers  •  December 13, 2011 01:35 PM

**Written by Doug Powers

Yet another day of “Occupy Congressional Hearing” for former MF Global CEO & Joe Biden phone-a-friend economic advice lifeline, Jon Corzine. C-SPAN 3 is carrying the hearing live.

From USA Today:

WASHINGTON – Jon Corzine has told a Senate panel that he never told anyone to “misuse” customer money that vanished when MF Global collapsed this fall.

An estimated $1.2 billion in client money is missing. Senators are demanding Corzine and two other executives at the securities firm explain who authorized the transfer of money in the days before the firm collapsed in the eighth-largest bankruptcy in U.S. history.

“I never gave any instruction to anyone at MF Global to misuse customer funds,” Corzine testified at a hearing of the Senate Agriculture Committee on Tuesday.

Corzine, a former Democratic New Jersey senator and governor, resigned as CEO of the securities firm last month.

Bradley Abelow, the firm’s president and chief operating officer, and Henri Steenkamp, the chief financial officer, also tried to distance themselves from any decision to transfer the money at the hearing.
All three witnesses said that they don’t know where the money is.

Yet their testimony varied in subtle ways. Corzine said he did not direct anyone to misuse the money. Abelow said he does not recall directing anyone to divert the money. Steenkamp said clearly that he did not “authorize, approve or know of any transfers of customer funds” out of their accounts.”

Wow. It’s like asking my kids what happened to the $1.2 billion worth of cookies that were in the jar.

Meanwhile, the RNC is seizing the day:

**Written by Doug Powers

Twitter @ThePowersThatBe

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