U.S. Rep. David Scott (D-Ga.) angrily pressed a pained Gov. Jon Corzine this afternoon on who was responsible for the financial collapse of MF Global, forcing the former New Jersey governor to admit he was to blame.
“We’re talking about the loss of $1.2 billion,” said Scott, “and you know nothing about it. (But) You are the key to finding out where my constituents’ money went. …The key is you; you’re the CEO who at MFL Global was responsible for which products the company invested in.”
Appearing on a subpoena in front of the U.S. House Agriculture Committee, Corzine said the company’s Board of Directors ultimately made the decisions on the recommendation of management.
“Who made the decision?” Scott demanded.
“Ultimately the decisions are always the board in a public company,” said Corzine.
He added, “I take full responsibility. Those investment decisions particularly rest on my judgment.”
Under fire by other Congress people, Corzine tried to communicate that he did the best he could at the time.
“Sitting here today with knowledge that the facts are what they are, it would have been better to have taken different judgments, but we and I did those things we thought were in the best interests of the stakeholders given the inability of the old (strategies) to protect customers as well,” Corzine said.