WASHINGTON - Former Gov. Jon Corzine (D-N.J.) told a House panel today that he never meant to break rules requiring failed securities firm MF Global to safeguard client funds, and he doesn't know what happened to an estimated $1.2 billion that went missing.
Corzine testified before the House Agriculture Committee about the firm's bankruptcy. MF Global collapsed after making bets on European debt that made the company lose a fortune, as fears of a full-blown debt crisis spread through Europe.
The former governor was the company's CEO until November. He says he madethe investments after discussions with senior traders.
Corzine responded to every question posed. However, he often said he couldn't recall or lacked access to materials needed for him to answer. He claims he hasn't had access to relevant documents since his departure from MF Global. Corzine apologized to everyone who lost their money, but he also said as CEOthat he in essence, didn't have a lot to do with day-to-day operations. He is slated to testify before two more committees next week.The Associated Press Wire Service contributed to this report.Jon Corzine's prepared statement
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