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Corzine says he could have been misunderstood on transfer of MF Global accounts

Under pointed questioning by members of the House Committee on Agriculture, the New Jersey Democrat would not rule out the possibility that someone at the firm misinterpreted him as suggesting that the struggling firm tap into investors’ funds. 

MF Global sought bankruptcy protection on Halloween after an effort to sell the troubled firm unraveled. The firm is now in liquidation.

In his prepared testimony submitted before the hearing, Corzine said he could not explain what happened to “many hundreds of millions of dollars” that the firm was holding for customers. He said he was “stunned” to learn shortly before the firm sought bankruptcy protection at the end of October that MF Global could not account for the money.

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