MF Global Treasurer In Spotlight

Edith O’Brien to appear today before House committee investigating firm's final days.

Edith O’Brien, the Chicago-based treasurer of MF Global Holdings Ltd.’s broker-dealer, was pulled from back-office obscurity onto center stage last year in testimony to Congress by former chief executive Jon S. Corzine.

Today, having become a key figure in the brokerage’s messy denouement, she faces lawmakers directly for the first time.

‘Never Intended’

A spokesman for Corzine, Steven Goldberg, said last week that the former MF Global CEO “never gave any instruction to misuse customer funds and never intended anyone at MF Global to misuse customer funds.”

Two-Stage Transfer

Another MF Global executive scheduled to testify today, General Counsel Laurie Ferber, will draw attention to the two-stage transfer referred to in the congressional memo -- first, a $200 million transfer from a segregated account at the firm’s brokerage to a “house” account, followed by the move of $175 million from the house account to a London subsidiary’s account at JPMorgan Chase & Co.

Page 1 of 3

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments

Advertisement. Closing in 15 seconds.