Where did the money go?

GlobalPost

MF Global’s top executives are planning to echo former CEO Jon Corzine’s recent comment to Congress stating he has no clue where hundreds of millions of dollars in missing customer funds are, Reuters reported

Chief Operating Officer Bradely Abelow and Chief Financial Officer Henri Steenkamp are scheduled to testify to lawmakers Tuesday.

In a prepared testimony by Steenkamp obtained by Reuters:

“I unfortunately have limited knowledge of the specific movement of funds at the U.S. broker-dealer subsidiary, MF Global Inc, during the last two or three hectic business days prior to the bankruptcy filing," he said.

The fallen brokerage firm filed for bankruptcy in October after it made bad bets on sovereign debts in the euro zone crisis that resulted in a $191.6 million quarterly loss, according to Bloomberg. The bankruptcy is one of the largest collapses by a Wall Street firm.

MF Global improperly mixed customer funds for several days leading up to the bankruptcy – resulting in missing customer funds of up to $1.2 billion and Corzine’s resignation. 

More from GlobalPost: MF Global shortfall could be more than $1.2 billion

I simply do not know where the money is, or why the accounts have not been reconciled to date,” Corzine said in a statement prepared for a House Agriculture Committee hearing in Washington ton Dec. 8.

More from GlobalPost: 'I simply do not know where the money is,' Corzine on missing MF Global customer funds 

Corzine will testify along the two MF Global execs before the House Agriculture Committee Tuesday.

Neither MF Global nor any of its executives has been charged with wrongdoing so far. 

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