A hands-on MF Global executive during the firm's final hectic days - and is at the center of a federal investigation into wrongdoing at the brokerage firm - was subpoenaed to appear before Congress.  The executive, who oversaw the firm’s use of customer money, is expected be the first MF Global employee to invoke her Fifth Amendment rights before the congressional subcommittee, which voted Wednesday to issue a subpoena. Edith O’Brien, MF Global’s Assistant Treasurer ... based in Chicago, now must appear next week before Congress for a hearing about the chaotic final days before MF Global filed for bankruptcy.  The subpoena was issued even though Ms. O’Brien has said she will not answer questions from lawmakers, opting instead to invoke her constitutional right against compelled self-incrimination. She also has declined to cooperate with federal prosecutors without first receiving immunity from criminal charges.  The federal investigation - which involves regulators, the FBI and federal prosecutors in New York and Chicago - is continuing and unrelated to the congressional inquiry. Dramatic Standoff. The decision to subpoena Ms. O’Brien sets up what could be a dramatic standoff with lawmakers, who are demanding answers about how more than $1 billion in customer money disappeared from MF Global.

"After reviewing thousands of documents and interviewing former MF Global executives and regulators as part of our investigation, the subcommittee has concluded that Ms. O’Brien has unique, personal knowledge regarding how and why customer funds went missing.

We owe it to the thousands of customers of MF Global - the ranchers, farmers and investors who lost money - to get to the bottom of how this could have happened." -- Rep. Randy Neugebauer (TX-Rep) chairs the Financial Services Subcommittee on Oversight and Investigations.

The subcommittee first invited Ms. O’Brien to testify voluntarily, according to a memo  circulated among congressional staff members.  But in a 3/14 reply, she said she would "respectfully decline." Others to Testify. The oversight subcommittee will hold its hearing on 3/28, at which time it's expected to call on several other key MF Global executives to testify - including General Counsel Laurie Ferber, North America CFO Christine Serwinski.  CFO Henri Steenkamp, who previously testified before Congress, is also expected to appear at the hearing.  The final witness list is not yet public. No one at MF Global — including Ms. O’Brien, Ms. Serwinski, Ms. Ferber and Corzine — has been accused of any wrongdoing. Click to access the referenced story:  [Dealbook, 3/21/12].