Former MF Global CEO Jon Corzine answered questions about his former firm’s collapse. Commodity Futures Trading Commissioner Jill Sommers also testified before the Senate Agriculture Committee.
Also testifying were the company’s President and Chief Financial Officer along with victims of the bankruptcy. CME Group Executive Chairman Terrence Duffy and MF Global Trustee James Giddens were part of another panel of witnesses.
On October 31, 2011, MF Global Holdings Ltd. declared bankruptcy. It is currently estimated that up to $1.2 billion in customer funds, many who are farmers, is missing. The Agriculture Committee has jurisdiction over the sort of commodity trading that MF Global was engaged in.