Corzine blames predecessors for MF Global's fall

WASHINGTON (AP) -- Jon Corzine told a House panel Thursday that he doesn't know the location of client money that went missing when MF Global failed. And he argued that he inherited a firm doomed by his predecessors' bad financial decisions.

Yet Corzine said he accepts responsibility for the firm's risky bets and said its customers' losses weigh on his mind "every day — every hour."

The former U.S. senator was subpoenaed to explain how MF Global, which he led for about 20 months, collapsed into the eighth-largest bankruptcy in U.S. history and why an estimated $1.2 billion in client funds remains unaccounted for.

Testifying before a hearing of the House Agriculture Committee, Corzine apologized to "all those affected" by MF Global's failure. The company filed for bankruptcy protection on Oct. 31 after making disastrous bets on European government debt.

Corzine resigned as CEO on Nov. 3 and hasn't spoken publicly since.

Full story here.

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