Jon Corzine, former chief of MF Global, sharply criticized a House Subcommittee report that claims he is to blame for MF Global’s collapse.
In response to excerpts of the report, “The Collapse of MF Global,” which were released Wednesday by the House Financial Services Subcommittee on Oversight and Investigations, Steven Goldberg, a partner at RLM Finsbury who is a spokesman for Corzine, told AdvisorOne in an email message that “while we have not been able to review the whole report,” Corzine “disagrees strongly with several of the assertions that apparently are part of the Subcommittee’s report.”
The full report was released Thursday.
Goldberg first highlights the fact that “consistent with Mr. Corzine’s Congressional testimony, the House Subcommittee apparently did not find any evidence that Mr. Corzine acted in bad faith or engaged in any intentional wrongdoing.”
Second, Goldberg notes that while the subcommittee claims that “customers may never get back” the more than $1 billion of money lost, the House Republicans “fail to note that more than 80% of customer money has been returned to date.” Furthermore, he says, Corzine “continues to feel great sadness about what happened at MF Global and the impact it had on customers, employees and shareholders,” and that “he is hopeful that Trustee Freeh is correct in his estimation that customers ultimately will receive a full recovery.”