It has been just over a year since the collapse of commodities brokerage MF Global and the disappearance of some $1.2 billion — much of it invested by the U.S. agriculture sector — in illegally-accessed, and supposedly segregated, customer funds. Despite numerous investigations and hearings on Capitol Hill, disgraced MF Global head Jon Corzine and other executives of the brokerage have thus far escaped prosecution.
During several hearings, Corzine — a former New Jersey senator and governor — claimed he was unaware of the “misuse” of customer funds at the brokerage, a word he used repeatedly. “I didn’t authorize it, didn’t intend to have it happen,” he told the Senate Agriculture Committee last December.
On Nov. 15, the House Financial Services Committee’s Subcommittee on Oversight and Investigations released a report on its MF Global findings. The House report follows a recently published 400-plus page Commodity Futures Trading Commission (CFTC) proposal pushing for better customer fund protections.