Jon Corzine, the former head of investment firm MF Global, told lawmakers he did not intend to break any rules and that he has no idea where $1.2 billion in missing money is during testimony before Congress on Thursday. The New Jersey Democrat became the first former U.S. Senator to be subpoenaed by Congress in more than a century. During his testimony, Corzine repeatedly apologized to investors and customers, saying he never ordered any movement of money out of clients' accounts.
Louise Story, Wall Street and finance reporter for The New York Times, discusses Corzine's testimony. Ryan Davies, and alternative investment adviser who did business with MF Global, thinks Corzine is telling the truth, but that MF Global took too big a risk.