Congress turns up heat on CFTC, MF Global's Corzine

Reuters - Lawmakers examining the collapse of MF Global skewered the top U.S. futures regulator for sitting out his agency's probe of the bankrupt brokerage, whose former chief executive, Jon Corzine, is due to face his own drubbing later this week.

WASHINGTON (Reuters) - The U.S. futures regulator has the power to go after top executives who "aid and abet" violations by their companies, said Jill Sommers, who is heading up the Commodity Futures Trading Commission's probe into bankrupt brokerage MF Global. Sommers, a Republican CFTC commissioner, was careful to say in congressional testimony prepared for delivery on Tuesday that her comments did not mean the CFTC had reached any conclusions as it probes why more than an estimated $1 billion dollars of customer money is missing. ...

WASHINGTON (Reuters) - The U.S.

An MF Global employee told regulators that former chief Jon Corzine knew that the now-bankrupt brokerage firm used customer money to lend to a European affiliate, a CME Group executive said on Tuesday. ...

WASHINGTON (Reuters) - Former MF Global Chief Executive Jon Corzine is expected to testify at a congressional hearing next month, a committee aide said on Friday, tamping down speculation that the former head of the bankrupt brokerage would decline to take part.

Jon Corzine has resigned as chief executive officer from bankrupt MF Global Holdings and is not taking a severance package, the brokerage said Friday.