Journalist Nomi Prins Reports on Jon Corzine Congressional Testimony Over MF Global Collapse

www.democracynow.org - Former New Jersey governor and U.S. senator Jon Corzine testified Tuesday on Capitol Hill about his brief stint at the helm of the failed commodities and derivatives brokerage house MF Global, which in October became the largest failure on Wall Street since the collapse of Lehman Brothers in 2008. Corzine resigned from the firm last month after it filed for one of the largest bankruptcies in American corporate history, with almost $40 billion in liabilities. After MF Global went bankrupt, regulators discovered that up to $1.2 billion in customer funds that should have been kept segregated were missing. Corzine told two congressional committees that he never directed anyone at MF Global to misuse the funds, but the chairman of the Chicago Mercantile Exchange Group, Terry Duffy, testified Tuesdsay that Corzine was aware of loans that may have used customer money.

Democracy Now! speaks with Nomi Prins, a former investment banker turned journalist. "We're listening to someone try to dodge his way out of responsibility and accountability, which is very much what all the CEO's have done through the subprime crisis and through past crises," Prins says. She notes the lack of accountability for bankers involved in the financial crisis. "When you see 5,500 arrests across this country for the Occupy movement and you see zero on the part of CEO's and senior executives from Wall Street who took trillions of dollars out of our economy, out of the European economy, [and] are going around the world doing the same thing to Asia now and so forth, it is absolutely heinous. So I hope these movements continue."

To watch the complete daily, independent news hour, read the transcript, download the podcast, and for more reports on U.S. financial collapse and Occupy Wall Street, visit

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