Jon Corzine, former head of now bankrupt commodities brokerage firm MF Global, has been subpoenaed to testify about his role in the companies downfall before a congressional committtee.
Corzine, who has hasn't been seen or heard from in public since MF Global's implosion in October, resulting from bad bets placed on European sovereign debt, reportedly was the one pushing.
The House Agriculture Committee, which currently are the ones looking into the company's collapse, are to question Corzine at a hearing on December 8.
Federal investigators are busy trying to locate possibly as much as $1.2 billion in MF Global clients' funds that "disappeared" as the investment firm collapsed.
Corzine is a former governor and United States senator from the state of New Jersey who was formerly a co-chair of Goldman Sachs (go figure!) before entering politics about a decade ago.
Questions have been raised as to whether Corzine used his extensive Wall Street and political ties to mask his shady strategy from regulators who, otherwise, might have taken issue with his betting on the troubled Euro zone.
Having gambled a reported $6.3 billion on European debt just as the Euro zone crisis was hitting its peak, MF Global filed for bankruptcy on October 31. Corzine stepped down as chief executive of the company a few days after the filed bankruptcy and has not been heard from publicly since that time.
Investigators have been questioning as to whether Corzine had authorized the use of cient money to be mixed in with MF Global's funds in order to help cover the losses as the European debt crisis deepened.
Investment firms are strictly prohibited from combining their clients' money with the firm's proprietary investments.
One can only hope that the questioning of Corzine is a legitmiate hearing and not simply a political distraction from current ongoings which have caused ripples of dissent accross the country.
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