MF Global CFO Was Too Busy Trying to Save the Company to Be Bothered with Things Like Illegal Transfers of Customer Funds

Henri Steenkamp will not be going down for this:

MF Global Holdings Ltd. […] Chief Financial Officer Henri Steenkamp plans to tell a House panel he had "limited knowledge" of money transfers during the securities firm's final days that led to an estimated $1.6 billion shortfall in customer funds. Mr. Steenkamp was "taken up with other very serious matters," including trying to negotiate a last-ditch sale of the New York company, while funds moved and a deficit in customer funds developed, he said in prepared testimony for a hearing Wednesday being held by the House Financial Services Oversight and Investigations subcommittee. 
Plus, dipping into customer funds isn't really in his job description:
He added: "As a general matter, I was not involved with the details of segregated funds in the course of my duties as global CFO, nor with the complex segregation calculations performed by [MF Global Holdings Inc.] in Chicago and reported to regulators on a regular basis."
Back to you, Jon.
 

 

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