A remorseful Jon Corzine will open his hearing before the House Agriculture Committee today, Thursday, with an 18-page opening statement.  He concludes by telling the panel he is "willing to answer the Committee's questions."  That remains to be seen. Nothing is certain, but a person who had worked closely with Corzine - but hasn't spoken to him in weeks - said he'd be surprised if Corzine did not testify, and he does not expect him to invoke his Fifth Amendment right.  And based upon a quick glance at his prepared text, that now appears to be the case. Responsibility to Answer the Panel's Questions. In his prepared statement, Mr. Corzine reflects on his obligations to participate in the hearing as fully as possible.

“Considering the circumstances, many people in my situation would almost certainly invoke their constitutional right to remain silent - a fundamental right that exists for the purpose of protecting the innocent.  Nonetheless, as a former United States Senator who recognizes the importance of congressional oversight, and recognizing my position as former chief executive officer in these terrible circumstances, I believe it is appropriate that I attempt to respond to your inquiries.”

Sad, Stunned, And Not As Involved as Many Would Think. Mr. Corzine reflects on his tenure at MF Global, his lobbying efforts with regulators, and the final days before the beleaguered brokerage filed for bankruptcy.  He will tell the panel that he appears at the hearing with great sadness - with the losses of customers, employees and investors weighing heavily in his heart every hour. Even so, Mr. Corzine will state for the record that "my involvement in the firm's clearing , sttlement, and payment mechanisms, and accounting ws limited."  He also will state that since his departure from MF Global, he's had limited access to records and notes that he believes are essential to his being able to testify accurately. Based upon those two significant "admissions," it now would appear that Mr. Corzine will not need to rely on his Fifth Amendment rights, but will respond to most, if not all, questions.  However, it would be a mistake to expect much insight or substantive information to come out of the Q&A segment of the hearing. Rather, we're likely to hear that Mr. Corzine was "on the bridge," removed from most decision-making and execution.  And he will say that he too was "stunned" to learn of the magnitude of the missing customer funds. Congressional Hearings Lining Up. The House Agriculture Committee was forced to subpoena Corzine, who resigned from MF Global after it filed for bankruptcy on 10/31/11 to ensure his attendance at the hearing.   Corzine also has been called to testify before the Senate Agriculture Committee on 12/13 and a House Financial Services subcommittee on 12/15 - the subcommittee on oversight and investigations.

"No one is above the law.  It's Congress's responsibility to find out where the investors' money went, what can be improved from a regulatory basis and from a corporate standpoint, what exactly happened within the halls of MF Global leading up to the collapse." -- Representative Randy Neugebauer, who chairs the House Financial Services subcommittee.

Neither MF Global nor its executives have been charged with wrongdoing. Corzine served as Senator from the state of New Jersey from 2001-2006 before becoming the Governor of New Jersey, and then chief executive of MF Global.    [Reuters, 12/7/11]