Jon S. Corzine told lawmakers he never intended to break any rules as head of MF Global Holdings Ltd. and doesn't know what happened to an estimated $1.2 billion in missing client funds.
"I'm not in a position, given the number of transactions, to know anything specifically about the movement of any specific funds," Corzine said Thursday at a House Agriculture Committee hearing in Washington. "I certainly would never intend to direct or have segregated funds moved."
Under subpoena and under oath, the former Democratic senator and New Jersey governor apologized to investors, customers and employees of the failed New York broker.
"I simply do not know where the money is, or why the accounts have not been reconciled to date," Corzine said. "I apologize, both personally and on behalf of the company, to our customers, our employees and our investors. I truly know that they are bearing the brunt" of the collapse.
MF Global is the eighth largest U.S. bankruptcy.
Corzine, who resigned as chairman and chief executive officer of MF Global on Nov. 4, said in his opening remarks that he was "stunned" to learn on Oct. 30 that the company couldn't account for "many hundreds of millions of dollars."