Bloomberg News

Corzine Says He Was Assured Loan to Affiliate Was Appropriate

December 15, 2011

Dec. 15 (Bloomberg) -- Jon S, Corzine, the former chairman and chief executive officer of MF Global Holdings Ltd., said he was told that a $175 million loan to a European affiliate before the firm collapsed was appropriate and legal.

“The back office in Chicago explicitly confirmed to me that the funds were appropriately transferred,” Corzine told lawmakers today at a House Financial Services subcommittee hearing in Washington. Corzine made the comment in response to statements by CME Group Inc. chairman Terrence Duffy that he was aware of a loan from segregated customer accounts before MF Global sought bankruptcy protection on Oct. 31.

To contact the reporter on this story: Lorraine Woellert in Washington at lwoellert@bloomberg.net

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net


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