Corzine: I never 'intended' to do anything wrong

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

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

Congress calls on Corzine to testify on MF Global MF Global fires its entire work force Former NJ Gov. Corzine steps down at MF Global Official: MF Global admitted using client money

advertisement | advertise on News 12

Trending Video

VIDEO: Interview with mother of transgender girl 1 VIDEO: Interview with mother of transgender girl
Jersey Weekend Buzz 2 Jersey Weekend Buzz
The body of Trupal Patel, 29, was found 3 Discovery of body in Wall prompts murder investigation
This is a sketch of a suspect wanted 4 Police impersonator sought in New Milford
The body of Trupal Patel, 29, was found 5 Discovery of body in Wall prompts murder investigation

advertisement | advertise on News 12

Features

It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE