A Congressional panel has asked Jon S. Corzine to testify about the downfall of MF Global, and the hundreds of millions of dollars in customer money that went missing in the brokerage firm’s final days.
The hearing, scheduled for Dec. 15, will be a role reversal for Mr. Corzine, who spent five years on Capitol Hill as a Democratic senator from New Jersey. As a Congressional witness, Mr. Corzine is expected to come under fire for presiding over MF Global as it caused the futures industry’s first major breach of customer money. A spokesman for Mr. Corzine declined to comment on Tuesday.
The hearing, organized by the oversight unit of the House Financial Services Committee, could present the first public grilling of Mr. Corzine about his risky bets on European sovereign debt, wagers that ultimately doomed the firm.
Lawmakers are also planning to question Bradley Abelow, the firm’s chief operating officer and Mr. Corzine’s chief of staff when he was governor of New Jersey.
It is unclear whether Mr. Abelow and Mr. Corzine, who resigned as MF Global’s chief executive earlier this month, will accept the request that they testify, though the subcommittee could subpoena the executives if they balk. Mr. Abelow received the request on Tuesday and plans to respond soon to lawmakers, said a person close to the company who was not authorized to speak publicly.
The hearing will overlap with an intensifying federal investigation into MF Global. The Commodity Futures Trading Commission is leading the search for the missing money while the Federal Bureau of Investigation and federal prosecutors in New York and Chicago are examining potential criminal wrongdoing.
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Why does the whole world apologize because Barack obama is black…why do they consider it a disgusting thing that a black effigy of obama was burned in the UK but it would have been ok if it had been a white president!
An effigy of Barack Obama was burned by members of a party college student association in Scotland, after its committee chose the U.S. president over the late Libyan dictator Moammar Gadhafi, a student official told msnbc.com.
The incident took place on a beach in St. Andrews on Friday as part of a tradition by the University of St. Andrews Conservative Association that has seen effigies of former U.K. Prime Minister Gordon Brown burned and former South African President Nelson Mandela hung among others.
“There were five candidates including Gadhafi,” O’Hare said. “It was decided upon — perversely democratically — that Obama was the one who was going to burn.”
O’Hare is president of the Students’ Association, of which the Conservative group is a member along with left-wing and other political societies.
St. Andrews University issued a brief comment in an email. “We are aware of reports of this incident and have asked to meet the society president to discuss the very understandable concerns which these reports have raised. Until that meeting has taken place, it would be inappropriate to make further comment,” the statement said.
O’Hare’s account appeared to contradict an unnamed person quoted by BBC News, who was allegedly present at the incident and who said members of the association were “surprised” that the Obama effigy had been put on the bonfire.
Russia will station missiles in its westernmost Kaliningrad region and other areas if Russia and NATO fail to reach a deal on the U.S.-led missile defense plans, he said in a tough statement that seemed to be aimed at rallying domestic support.
Russia considers the plans for missile shields in Europe, including in Romania and Poland, to be a threat to its nuclear forces, but the Obama administration insists they are meant to fend off a potential threat from Iran.
Moscow has agreed to consider NATO’s proposal last fall to cooperate on the missile shield, but the talks have been deadlocked over how the system should operate. Russia has insisted that the system should be run jointly, which NATO has rejected.
Medvedev also warned that Moscow may opt out of the New START arms control deal with the United States and halt other arms control talks if the U.S. proceeds. The Americans had hoped that the treaty would stimulate progress further ambitious arms control efforts, but such talks have stalled over tension on the missile plans.