Corzine Grilled over MF Global Collapse After Witness Suggests Knowledge of Misused Funds

Corzine Grilled over MF Global Collapse After Witness Suggests Knowledge of Misused Funds: “Button__corzine

Former New Jersey governor and U.S. senator, Jon Corzine, testified Tuesday on Capitol Hill about his brief stint at the helm of the failed commodities and derivatives brokerage house MF Global, which in October became the largest failure on Wall Street since the collapse of Lehman Brothers in 2008. After MF Global went bankrupt, regulators discovered that up to $1.2 billion in customer funds that should have been kept segregated were missing. Corzine says he never directed anyone at MF Global to misuse the funds, but a witness testified that Corzine was aware of loans that may have used customer money. We speak with Nomi Prins, a former investment banker turned journalist. ‘We’re listening to someone try and dodge his way out of responsibility and accountability, which is very much what all of the CEOs on Wall Street have done through the subprime crisis and through past crises,’ Prins says. ‘When you see 5,500 arrests across this country for the Occupy movement and you see zero on the part of the CEOs and senior executives from Wall Street who took trillions of dollars out of our economy, out of the European economy, [and] are going around the world, doing the same thing to Asia now, and so forth, it is absolutely heinous.’ [includes rush transcript]

(Via Democracy Now!.)

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About earthday2012
Dedicating my life for world peace, earth awareness and education for current and future generations.

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