Jon Corzine’s appearance before the House Agriculture committee was a yawner and yet breathtaking. By candidly not pleading the 5th Amendment the testimony was completely lacking in fireworks. But the substance of it, pleading whatever amendment gives you the right to say “I dunno”, left everyone cold. As much as $1.2 billion is missing from MF Global – but Corzine has no idea where it is.
As the poster child for more financial regulation, MF Global has a lot to teach. It was nowhere near “Too big to fail”, but it was big and messy. This will highlight the laws we have in place and what happens when failure is an option.