- Egypt rights center raided, 2 Mubaraks acquitted
- New Mexico Supreme Court rules same-sex marriage constitutional
- Blame Bush: 5 years later, that’s still the mantra, pollsters find
- Dutch prostitutes demand same retirement benefits as soccer stars
- John McCain to Harry Reid: I’ll ‘kick the crap’ out of you
- Dogs that talk: Researchers seek $10K for ‘No More Woof’ technology
- 1,000 firefighters called to battle stubborn Big Sur wildfire
- Black Friday brouhaha: Millions of Target shoppers hit by credit card theft
- Britain orders airplane to rescue citizens from violent South Sudan
- Mega Millions winner emerges as Georgia mom, in ‘disbelief’
Corzine challenged on when he knew of transfer of money
Question of the Day
A financial-exchange executive said Tuesday that he was told former Sen. Jon Corzine might have known that MF Global tapped clients’ money to lend to a European affiliate of the firm.
Mr. Corzine has testified that he didn’t know any customer money was missing until Oct. 30, the day before MF Global became the eighth-largest bankruptcy in U.S. history. Approximately $1.2 billion of customer money was unaccounted for when the company collapsed.
Mr. Duffy told the Senate Agriculture Committee that he has referred the matter to the Justice Department and the Commodity Futures Trading Commission, MF Global’s main regulator. Mr. Duffy said he received the information this week from CME Group attorneys who are investigating the matter.
MF Global traded on exchanges managed by CME Group.
Brokerage firms are required to keep client money separate from company funds. Depending on the circumstances, transferring money from customers’ accounts could violate securities laws and, in some cases, could amount to a crime.
If Mr. Corzine, a Democrat who also served as New Jersey’s governor, is found to have lied in his testimony before multiple congressional committees, he could be prosecuted. A Corzine representative had no immediate comment on the allegation.
Earlier Tuesday, Mr. Corzine told senators with whom he once served that he never told anyone to “misuse” customer money that vanished when MF Global collapsed. Brokers are required by law to keep customer money separate from company money.
Senators demanded that Mr. Corzine and two other executives from the securities firm explain who authorized the transfer of money in the days before the bankruptcy.
“I never gave any instruction to anyone at MF Global to misuse customer funds,” said Mr. Corzine, who resigned as CEO of the securities firm last month.
Bradley Abelow, the firm’s president and chief operating officer, and Henri J. Steenkamp, the chief financial officer, also tried at the hearing to distance themselves from any decision to transfer customers’ money.
All three witnesses said they don’t know where the money is. Yet their phrasing varied in subtle ways that could have legal distinctions.
Mr. Corzine said he did not direct anyone to “misuse” clients’ money. Mr. Abelow said he does not recall “any conversation about customer funds being used for anything other than their intended purpose.” Mr. Steenkamp was more sweeping, saying he did not “authorize, approve or know of any transfers of customer funds” out of their accounts.
By Andrew P. Napolitano
Fourth Amendment says Obama is not at liberty to collect metadata
- Homeland Security helps smuggle illegal immigrant children into the U.S.
- Gov't wasted $30 billion on 'pillownauts,' crystal goblets -- buying human urine!
- Duck Dynasty Phil Robertson suspended indefinitely for gay quip
- Obamacare 'pajamas boy' gets roundly mocked
- In court filing, NCAA denies legal duty to protect athletes
- Bill Gates: The Secret Santa disguised as a 'friendly fellow' on Reddit
- Democrats cite pope in call for minimum wage hike, jobless benefits
- BOLTON: Nero in the White House
- U.S. Army mulls wiping out memory of Robert E. Lee, 'Stonewall' Jackson
- Half of America strips religion from Christmas
Independent voices from the The Washington Times Communities
Television commentary, reviews, news and nonstop DVR catch-up by Lisa King Dolloff and friends.
Entertainment News and Reviews from Washington, D.C. and beyond.
In a world that is increasingly complex, we need to seek greater awareness of the blending of cultures and America's changing role in a global community.
Find up-to-date information on the D.C. and Baltimore live music scenes and read interviews with artists and reviews of the latest releases and concerts.
Top 10 handguns in the U.S.
Extraordinary day at Redskins Park
White House pets gone wild!
Let it snow