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Rep. Renacci on the Investigation Into MF Global

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    Rep. James Renacci, (R-Ohio), on the investigation into MF Global’s missing funds.

  • Duration 3:12
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Of that still one of the guys doing that grilling -- about our Republican Jim release the congress and what is your sense of what Jon Corzine.

New or even knows now.

-- good -- -- you know it really does appear that there was such a lack of internal controls in this company.

And the major lacking internal control is a Jon Corzine had the right to trade in European bonds.

I'm restricted -- the only person he actually testified in and said that to me in his hearing in December.

That the only person that could stop him from doing that was the board papers they controlled.

And he traded he made such a big lack of internal controls allowing him -- have that much job opportunity to make trades.

But I want to be very clear congressman.

And some of them are incidental stupid question -- -- -- that I.

The DD ever unequivocally say -- never authorized.

Such trades from customer accounts to help the firm.

-- to balance the books or do anything like.

Because it's -- -- -- correct.

You did.

Well he would he has said in the past that -- went betrays the authorizing did not know our customer funds and of course that's where their lack of how that was some of the questions today when we asked the chief financial officer and we asked the you know the members of the group today -- the officers of the company.

We asked them.

Who knew what was the circumstances and none of them could use of the question mail all said they -- know they didn't know it was it was a testimony today it was just unheard of days.

-- so it sounds like what you're saying congress and is that.

Maybe the best offense to Corzine could have here is.

Is one of ignorance that I might have approved in any -- such.

You know a transfer money but not knowing.

Where it was going and and where it was coming from but at the very least.

He's he -- stupid.

Yeah you know again being CO CFO of our -- -- company this size he should know what's going on in the course.

On this is O'Brien had the opportunity she did authorize those transactions and she's a one -- the fifth today it would have been great.

To get some information from our because somebody told her to do it we'd love to have heard.

-- children do it.

And you know where those details are that would that's some of the things we needed today do you -- John Corzine perjured himself.

Well that I don't know I think that's going to be up for the courts to really determine.

Our job really is a make sure this doesn't happen again -- -- Testimony congressman.

That this never happen -- -- never authorised subjectivity under your watch and it turns out that you just did not you but of course.

And -- that's perjury.

Well again I I agree with you and I think that that's up to the course of find out that'll be up for them to decide whether he said.

You know said at that way he said he authorized strains.

But in the hearing we have with -- December he said he did not know they were customer counts and so it's again going to be -- and see how that all shakes out.

Thank you very very much congressman at a busy busy day.

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