The Hagstrom Report

Agriculture News As It Happens

House Ag MF Global subpoena markup Friday

House Agriculture Committee Chairman Frank Lucas, R-Okla., announced late today that his committee will hold a business meeting Friday to consider issuing a subpoena to compel the attendance of a witness at its hearing next Thursday on the MF Global bankruptcy.
Jon Corzine
Jon Corzine
The witness in question would presumably be MF Global CEO Jon Corzine, the former Goldman Sachs executive and Democratic senator and governor of New Jersey, although Lucas did not mention him by name.

“On December 8, the House Agriculture Committee will hold a hearing to examine the MF Global bankruptcy,” Lucas said in a statement.

“Due to the wide ranging and devastating impact this bankruptcy has had on many of our constituents, the ranking member and I believe it is critical for the committee to examine all facts and circumstances that led up to the bankruptcy and subsequent efforts to recover customer funds,” Lucas said. “To date we have not received confirmation of attendance from all witnesses in order to achieve that objective.”

Senate Agriculture Committee Chairman Debbie Stabenow, D-Mich., whose hearing on the Dodd-Frank bill today turned into a forum on MF Global, has already asked Corzine to testify at her Dec. 13 hearing at which she said “victims” will also testify.

Stabenow said today that Corzine has not yet told her whether he will testify, but “I fully anticipate that he will.”

If he does not cooperate, Stabenow has not ruled out using subpoena power.