House panel to subpoena Corzine

A House panel has voted unanimously to subpoena Jon Corzine, the former CEO of MF Global, the trading company that filed for bankruptcy after making bad bets on European debt, CNN reported.

MF Global is under federal investigation after millions of dollars in customer account funds went missing when the company filed for bankruptcy in October. Now the House Agriculture Committee wants to hear Corzine’s testimony next week.

Read more at GlobalPost: FBI joins the probe on MF Global as it enters the spotlight

"I assure you, the ranking member and I do not take this action lightly," said committee Chairman Frank Lucas, an Oklahoma Republican, CNN reported "However, we agree that his testimony is essential to fulfill our objectives on behalf our constituents and to complete the hearing record."

A hearing will be held on Dec. 8 to examine MF Global’s collapse and missing customer funds, Reuters reported. This is the third congressional committee to ask Corzine, who resigned weeks after MF Global filed for bankruptcy, to testify this month, the Associated Press reported. He was also asked to appear at a Senate Agriculture panel hearing on Dec. 13 and a House Financial Services hearing on Dec. 15, CNN reported.

According to CNN, congressional aides said Corzine hasn’t confirmed whether he will attend the hearings or not. The House Agriculture Committee has not said when they will actually subpoena Corzine.

Read more at GlobalPost: MF Global shortfall could be more than $1.2 billion