Jon S. Corzine, former chairman and chief executive officer of MF Global Holdings Ltd., will apologize to investors, customers and employees of the failed New York broker and tell lawmakers he doesn't know the location of the estimated $1.2 billion in missing client money.
“I simply do not know where the money is, or why the accounts have not been reconciled to date,” Corzine said in a statement prepared for a House Agriculture Committee hearing in Washington today.
Corzine, a Democrat who served in the Senate and as New Jersey's governor before joining MF Global, is scheduled to testify on events leading to the brokerage's filing for bankruptcy protection on Oct. 31. James W. Giddens, the trustee overseeing the liquidation of the firm, estimated that $1.2 billion in client money is missing, and the Commodity Futures Trading Commission, Securities and Exchange Commission and Justice Department are investigating the collapse.
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