Congressional lawmakers continued their investigation into the MF Global collapse. The House financial Services Subcommittee on Oversight and Investigations held the hearing. Among those testifying were the company’s former and current Chief Risk Officers. Former CRO Michael Roseman says he warned Jon Corzine of the risks of European sovereign debt and a few months later he was replaced by Michael Stockman.
In December, Jon Corzine, former Senator and Governor of New Jersey, testified before this committee about some $1.2 billion missing at the time of firm's October 31, 2011 bankruptcy.
The New York Times reports that many of the missing investments have been discovered, but investigators have been reluctant to reveal details, in part because of continued conflicts between the federal and private agencies probing the failed brokerage.
Meanwhile, a U.S. bankruptcy judge overseeing MF Global denied requests by former customers to conduct their own investigation. He warned that another inquiry,or moving the case into Chapter 7 liquidation, would interfere with investigations already underway.