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News Link • Corruption

House panel votes to subpoena Corzine on MF Global

• Associated Press

A congressional panel has subpoenaed former Sen. Jon Corzine to testify next week about his role leading MF Global, a brokerage firm that collapsed this fall after a disastrous bet on European debt.

The Dec. 8 hearing will be a rare moment in Washington. Congressional historians and Capitol Hill insiders can't recall another time when a former member of Congress was summoned by his former peers to testify about a matter under federal investigation.

The House Agriculture Committee voted Friday to issue the subpoena after Corzine failed to reply to an informal request to appear at the hearing.

Chairman Rep. Frank Lucas, R-Okla., said his testimony is "essential to fulfill our objectives."

Representatives for Corzine didn't immediately return telephone calls seeking comment.

MF Global filed for bankruptcy protection on Oct. 31. Corzine resigned as chairman and CEO a few days later. In just a week, stock investors lost an estimated $585 million.


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