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House committee subpoenas Corzine over MF Global

Jon Corzine, former chairman and chief executive officer of MF Global Holdings, has been subpoenaed by a congressional panel to testify about the brokerage's collapse and the missing millions of its clients' money.
Jon Corzine, former chairman and chief executive officer of MF Global Holdings, has been subpoenaed by a congressional panel to testify about the brokerage's collapse and the missing millions of its clients' money.Lucas Jackson / Reuters

The House Agriculture Committee has subpoenaed Jon Corzine, the former governor and senator from New Jersey, for a hearing next week about MF Global, the now-bankrupt company that he ran which allegedly is missing about $1.2 billion of its clients' funds.

MF Global, which laid off all its employees last month, filed for bankruptcy after a series of bad bets on European debt. Regulators and the FBI have been probing whether the firm used clients' money to prop itself up as its European bond investments went sour. Even the $1.2 billion number is in question, with some saying that the trustee in charge of the brokerage's bankruptcy may have double-counted some of the missing money.

Reuters reported that the congressional panel voted Friday to issue the subpoena. Committee Chairman Rep. Frank Lucas, R-Okla., said Corzine hadn't yet confirmed that he would come and "his testimony is essential to fulfill our objectives." If Corzine, a former head of Goldman Sachs, shows up, it would be his first public grilling since news of MF Global's problems emerged.

Corzine is also due to testify before the House Financial Services Committee on Dec. 15. 

Reuters contributed to this report.