MF Global - There Are More Questions Than Answers

Jon Corzine

All these months on, and we are still no further forward.

Bloomberg reports that a U.S. House investigations subcommittee ended a third hearing into the collapse of MF Global with the same problem they had four months ago: No answers from the woman said to have the most information about what happened to $1.6bn in missing client money.

Edith O’Brien, Assistant Treasurer at the firm’s brokerage, invoked her constitutional right against self-incrimination at a congressional hearing Wednesday, disappointing lawmakers seeking answers to questions about frantic money transfers during the company’s final days in October.

'We’re extremely disappointed', Randy Neugebauer, Chairman of the Committee, said at the meeting, before dismissing O’Brien for the rest of the two-hour panel.

The New York Times reports that the spotlight then shifted to three MF Global executives who remained: Laurie Ferber, the firm’s General Counsel; Henri J. Steenkamp, the Chief Financial Officer; and Christine Serwinski, the North American Chief Financial Officer.

Each executive defended their actions, or invoked ignorance, and said that he or she was cooperating with the federal investigation into the collapse of the firm and the search for the missing client monies.

 

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