RTRS-JON CORZINE: “I SIMPLY DO NOT KNOW WHERE THE MONEY IS”
RTRS-CORZINE: “I BELIEVE IT IS APPROPRIATE THAT I ATTEMPT TO RESPOND TO YOUR INQUIRIES”
RTRS-CORZINE SAYS WHILE AT MF GLOBAL HIS “INVOLVEMENT IN THE FIRM’S CLEARING, SETTLEMENT AND PAYMENT MECHANISMS, AND ACCOUNTING WAS LIMITED”
RTRS-CORZINE SAYS HE HAD “LIMITED ACCESS” TO INTERNAL DOCUMENTS SINCE HE STEPPED ASIDE AS MF GLOBAL CEO ON NOV 3
RTRS-CORZINE SAYS HE WAS “STUNNED” WHEN HE LEARNED OF THE SHORTFALL IN CUSTOMER MONEY
RTRS-CORZINE: “I APOLOGIZE TO ALL THOSE AFFECTED” BY MF GLOBAL COLLAPSE
Looks like Jon Corzine will also be defending MG Global’s leverage, term repo trades, etc. in Thursday’s Congressional testimony.
Now, is it just us… or is “I SIMPLY DO NOT KNOW WHERE X IS” the next hot financial meme of 2011?
Update (1230 UK time) — Woops, we forgot to post the full testimony. There’s lots of interesting detail on the approval and oversight of the repo trades. The “simply do not know” bit about customer funds comes in here:
Again, I want to emphasize that, since my resignation from MF Global on November 3, 2011, I have not had access to the information that I would need to understand what happened. It is extremely difficult for me to reconstruct the events that occurred during the chaotic days and the last hours leading up to the bankruptcy filing.
I simply do not know where the money is, or why the accounts have not been reconciled to date. I do not know which accounts are unreconciled or whether the unreconciled accounts were or were not subject to the segregation rules…
Related links:
Regulators diverge over MF Gloval collapse – FT
“The protection of its customers’ funds is MF Global’s paramount concern” – FT Alphaville