Jon Corzine, the disgraced ex-CEO of MF Global, went before Congress on Dec. 8 to explain what happened to the estimated $1.2 billion that's missing from the company's books. "I simply do not know where the money is, or why the accounts have not been reconciled to date," he said in prepared testimony. It's a strategy that's become de rigueur among troubled CEOs since the days of Enron: Chief executives claim they have no idea how their own companies work. Corzine also said that he was "stunned" when he was told "that MF Global could not account for many hundreds of millions of dollars of client money" just one day before the company filed for Chapter 11 on Oct. 31.
Corzine, a former senator and governor of New Jersey, said that he was not involved in the mechanics of the firm's trades and wasn't sure what happened. He resigned on Nov. 3.
No comments:
Post a Comment