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House Financial Services Oversight Committee chairman Randy Neugebauer weighs in on the hearing on MF Global's collapse and missing money.
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A Fox Business alert one point six billion dollars is still missing.
And my next guest says it is time for some answers just two hours from a house committee holds -- third hearing on the bankruptcy at MF global.
Several financial officers from the firmer scheduled to testify including former assistant -- MF.
It is O'Brien it was her email but links former CEO Jon Corzine to a 200.
Million dollar transfer -- just days before the firm went belly up but it does is -- testimony.
Jon Corzine said that he didn't do anything -- Ever gave any instruction to misuse customer funds I never intended anyone.
At -- global them issues customer funds and I don't believe that anything I said could reasonably have been interpret.
As an instruction -- issues customer funds.
-- is Republican congressman -- now the Bauer is chairman of the financial services oversight and investigations subcommittee.
If he is preparing a final report as investigation ended -- -- spell your congressman it's great to have you on the show and -- -- your committee released an email directly contradicting.
Jon Corzine's testimony.
-- -- -- -- did Jon Corzine commit perjury.
Well I think that's what we need to find that in that memo adjusting colleges that take he'd been notified that transferred been made what we need to know more about is you know how much involvement he had in originating that transaction.
And what other knowledge he had about what was going on inside their firm you know literally the house was burning down they were transferring large sums of money trying to.
To create some liquidity in the company but obviously when you lose a billion dollars they were short customer money that long before you know the final day.
-- let's talk about some of the things that we're gonna be hearing this afternoon in your committee in particular we're gonna be hearing.
Up from O'Brien is expected -- expected she will take that that's exactly what is it that your.
Expecting to learn here this is the third time that you've been hearing this testimony star tiger going over the and she takes the -- which she probably will.
What are we left with that it.
Well we got another other witnesses who were involved in those final -- and here's the important thing we need to do a comprehensive all talk to you what happened here.
Because this is a major breach in the in the system that this system is gone a long time -- customers losing their money.
And so what we -- -- know what was going on corporately but we wanna know what's going on in the regulatory scheme and also what was going on within the system because customers to lose their money.
And so that's reason that we've been very diligent about this.
Investigation and we make -- it's going to continue because ultimately we want to pulled out a report.
That that details what happened because what we don't want to do is have people want to rush to change this system increase regulation.
Before we have a clear understanding what happened in many of these players were there in the final -- but also we've brought players in it -- predicted.
This very thing happening almost a year ago when we had beat the risk management officers come in.
And saying they were warning management that if certain of -- happened this is going to trend higher.
-- are in fact if you did happen.
Let me ask you this the emails are you generally -- entire email.
From -- Brian.
You know what what we -- what we've released at this particular point in time it -- the emails that we have now if what we're asking for additional emails but -- -- stand in the last days and weeks of MF global lots of communications inside the corporation.
We're we're looking at those communications as well as what with the regulator for doing.
So we're trying to put these pieces together and it is obviously -- a major failure and can we need to find out what happened.
All right let me ask you this you're gonna be hearing from the deputy counsel at JPMorgan.
-- -- -- and JPMorgan what are the biggest clients obviously.
From -- -- about -- global -- the same time a lot of your constituents Texas.
Farmers Texas Rangers have been incredibly affected to the downside unfortunately -- what happened at MF global.
What do you west from the General Counsel at JPMorgan that will give your constituents -- racism farmers who depend on the futures market.
What credit answers you get from her that will help them.
Well we're very concerned about the farmers -- ranchers have lost their money and in them not only the ones that lost some money here but making sure that they have confidence in the system -- former.
And so what we need to understand is in -- this corporate culture what kinds of checks and balances and internal control.
And how that was breached did.
-- Causing these the customers to lose her money because at some point in time.
You know -- -- using their money -- using the customers money and obviously that's where the breach happened.
And so obviously we need to make sure that -- things in place that that keep that from happening.
Congressman -- -- about we're gonna be watching of course with intense this afternoon is that committee gets underway at the house thank you congressman.
