The formerÂ U.S.Â senator has been subpoenaed to explain how MF Global, which he led for about 20 months, collapsed into the eighth-largest bankruptcy in U.S. history and why an estimated $1.2 billion in client funds is missing.
In prepared testimony, Corzine apologizes to “all those affected” by MF Global’s failure. MF Global filed for bankruptcy protection on Oct. 31.
It’s the first time in more than 100 years that Congress has subpoenaed a former senator to testify, according to Senate historianÂ Don Ritchie. The occasion blends the two worlds Corzine has occupied for his professional life â€”Wall StreetÂ and public office.
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