MF Global executives testify in D.C.

Two former MF Global executives—Bradley Abelow and Henri Steenkamp—testified before the Senate Agriculture Committee today that they do not know the location of the missing customer funds. Last week, former MF Global CEO Jon Corzine made similar statements before a U.S. House of Representatives panel.

In his testimony, former CFO Steenkemp disavowed any knowledge of the shortfalls until right before the firm declared bankruptcy. “I do not know why these funds cannot be accounted for, but based on the fact that no shortfalls had been reported to me previously, it appears that any irregularities were likely caused by events that occurred shortly before the bankruptcy filing,” he said.

Former MF Global President and COO Abelow expressed his distress over the missing funds: “I am deeply troubled by the fact that customer funds are missing, and I can assure you that I share your interest, and the public’s interest, in finding out exactly what happened.” As much as $1.2 billion in customer funds remain unaccounted for.

Last week, Corzine told lawmakers “I simply don’t know where the money is.” He is expected tell the Senate later today that he never authorized the misappropriation of client funds.

Read more about the Senate hearings on MF Global. 
Creative Commons License photo credit: laszlo-photo






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