Corzine: ‘I Simply Do Not Know’ Where Missing $1.2B MF Global Money Is

Former N.J. Gov Appears Devastated Speaking On Debacle On His Watch

WASHINGTON (CBSNewYork) — Former New Jersey Gov. Jon Corzine was on the hot seat Thursday, facing tough questions about the collapse of his firm MF Global, and the disappearance of $1.2 billion – his clients’ money.

Corzine swore to tell the truth — as far as he knows it — about the crash of the brokerage firm he ran, which fell apart this fall in the eighth largest bankruptcy in United States history, reports CBS 2’s Marcia Kramer.

“I was stunned when I was told that MF Global could not account for many hundreds of millions of dollars of client money,” Corzine said Thursday.

WCBS 880’s Marla Diamond: Corzine Apologizes

Earlier, the lawyer representing the court-appointed trustee trying to find the funds, said $1.2 billion is missing. Corzine said he had no clue about where it is.

“I simply do not know where the money is or why the accounts have been reconciled to date,” Corzine said.

EXTRA: Read Jon Corzine’s Full Statement

Looking ill at ease, sometimes stumbling over words, the former Garden State governor and U.S. senator claimed he tried to do the right thing in running the troubled financial, which made disastrous bets on European debt.

“I never intended to break any rules,” Corzine said.

And he tried to apologize to those who lost money by investing with the firm.

“I mean this with all sincerity, I apologize both personally and on behalf of the company to our customers, our employees and our investors. I truly know they are bearing the brunt,” Corzine said.

But Jennifer De Ruzza, a single mother who invested her $10,000 next egg in MF Global, said she and her two daughters are really suffering without the funds.

“They took all of my cash in my account,” De Ruzza said. “We can’t pay the rent. We can’t pay the car insurance, the condo insurance, the property insurance and, you know, I have credit cards. We’ve had to go have meals at friends’ houses and Christmas is here and I have no money. I have nothing for the birthdays. Christmas has kind of been cancelled for right now.”

The FBI is investigating MF Global. Corzine’s testimony could be used against him in a courtroom.

Legal experts say he could be held personally liable if he is found to have misrepresented the riskiness of certain investments.

What do you think? Sound off below in our comments section….



  • bullett

    Can anyone imagine what would have happened if we allowed this jerk to handle state finances and pension monies. I think a review of the accounting books are in order when he was governor of N.J.

  • man from old ways

    lieing dog everyone knows where the money is its in your pocket i demand
    an arrest of you at once

    • The Realist

      If you have proof, why are you keeping it to yourself?


    The Complex Derivative

    Credit default swaps, are a derivate product that represent the “poster boy” for improper banking activity. An insurance policy against toxic mortgages issued by overzealous commercial bank involvement in sub prime housing market, which was the main cause of the 2008 global financial market crash. Banks totally ignored collateral obligational risk, and simply just looked the investors in the face, while they pocketed all of the money. Bernie Madoff was right when he claimed that he was just doing what Goldman Sachs, and the like were doing. The banksters will say,” Transactions involving derivatives and structured finance can be complex and often require the specialized knowledge of experts deeply familiar with the products and markets in which the products trade”. Investment bank economists come off as if they are mavens of ” in-depth familiarity, knowledge and experience”, with regard to the “complex” nature of derivatives, however, what they do is simply pocket all of your money, and, in the process, create a subsequent litigious morass, while you beat your head against the wall, they thence fade away, into total obscurity.


    Ron Paul 2012

    • bullett

      Excellent comments, but as we all know, Oboma was never questioned about Fannie Mae & Freddie Mac. Why? I guess it was because there was no “White Water” ? How very interesting!

    • The Realist

      What’s a “thence”?

  • Huh

    I once lost 3 dollars I had in my pocket and have no idea what happened to it…so I know what it feels like to loose money and not know where it went…it’s so frustrating…

  • karlson

    It’s really amazing – there is the SEC and the Justice Department and apparently neither of them can do anything. If Jon Corzine doesn’t go to jail, he had better run and hide, because there will be lot of people looking for him who got burned and lost fortunes.

  • Ronnie from Morris Park

    Like the lost city of Atlantis and spacemen. This money is now the root of legend. I bet that it is in the hull of the Titanic.

  • Garth

    He was useless and a liar as both a Senator and Governor of N.J. Did little or nothing, except collect a pension and the best medical benefits. Of course he knows where it is, in a nice off shore account, so he and his cronies can live like the kings they feel they are. Arrest this scoundrel and make an example out of what happens to greedy lieing investment firm ceo’s. Others will fall in line or face the same consequences.

  • Johnny Boii

    SEC should’ve been on top of this, don’t blame Corzine, he’s a stupid figurehead. He knows nothing about operations, just what is told to him. The real blame needs to go to auditing firms that signs off on the books of MF Global. The real solution to this, strip the offenders of all their certifications, CFA, CPA, Series 7 etc and make them all go back to school starting from undergrad to learn how NOT to play with other people’s money. Suspend all people involved from practicing in the finance field for minimum of 10 years.

  • Ducky Hornknob

    Why isn’t anyone asking him to empty his pockets? Or one wouldn’t be able to hide $1.2 billion in cash on one’s body?

  • Ken

    He lost it on that bet in Atlantic City. Anyone want to bet on another possibility?
    $1.2 Billion is no small amount.

  • Vik

    Arrogant lying filthy p.o.s.

  • Ray Caldwell

    How can you not know where the money is? Your the freakin’ CEO aren’t you? And you feel “sorry”. Well tell you what, you a re a billionaire, you should come out of your pockets and pay those people back, how about that!
    He knows where it went…IN HIS POCKETS AND HIS FAMILY’S POCKETS!

  • Peter

    Jon you are now under oath please state the truth!!!!

  • E


  • Jimmy

    And this is an example of the kind of character that gets Millions of dollars in salaries and bonuses on Wall Street because they are so bright and the economy would collapse without them.

  • MULTICULTURALISM SUX (western voices world news)

    • andy curomo

      throw the bum iin jail where he belongs

  • Dee

    Check your Caymen Island Account Jon.. that’s where your accountants put it for ya… we want our refunds in cash Thanks crook

  • JohnW9540

    I was in charge but I don’t know what happened. Sure sounds like a Democrat.

  • truth

    how would he know? he was only in charge

  • Peter

    Jon Corzine Madoff period. send him to jail.

  • Ironpants

    Let’s not forget that Joe Biden and the the current WH regime considered Jon boy “one of the most brilliant financial minds of our time”. Jail for Jon. Divvy up his assets, and those of MF Global management, and get the investors back what they are owed. Jon has this little character flaw: no restraints, whether he’s doing 90 mph or investing money that’s not his.


    Sell all he and other top amnagement own and give back to the people…he’s a liar, just like “WALL STREET”!! Is there a “FORECLOSURE” sign on his lawn?…

  • DanTe

    I know where it went: Into His Pocket.

  • Kevlar

    CEO and does not know where the money is. Jail time for you!!

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