Congressional panel votes to subpoena ex-Sen. Corzine

The Dec. 8 hearing will be a rare moment in Washington. Congressional historians and Capitol Hill insiders can't recall another time when a former member of Congress was summoned by his former peers to testify about a matter under federal investigation.

The House Agriculture Committee voted Friday to issue the subpoena after Corzine failed to reply to an informal request to appear at the hearing.

Chairman Rep. Frank Lucas, a Republican, said his testimony is “essential to fulfill our objectives.”

Hours later the head of the Senate Agriculture Committee called for subpoenas to be issued to Corzine and other MF Global executives to appear Dec. 13 before that panel, if they don't come voluntarily.

Sen. Debbie Stabenow, a Democrat, said she plans to convene a meeting of committee members Tuesday to vote on the subpoenas. And a third panel, the House Financial Services oversight subcommittee, announced plans to vote Wednesday on a subpoena for Corzine to appear at its Dec. 15 hearing.

“MF Global's customers, including many farmers and small business owners, trusted this firm to make purchases on their behalf, and now their money is missing,” Stabenow said. “A matter of this magnitude requires a thorough investigation.”

A spokesman for Corzine declined to comment.

MF Global filed for bankruptcy protection on Oct. 31. Corzine resigned as chairman and CEO a few days later. In just a week, stock investors lost an estimated US$585 million.

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