Randy Neugebauer

House Republicans condemned former MF Global Holdings Ltd. Chief Executive Jon S. Corzine for making poor decisions that led to the firm’s collapse, but the lawmakers stopped short of saying anyone at the company broke the law by taking customer money. MF Global filed for bankruptcy a year ago, and the futures firm’s customers are still owed an estimated $1.6 billion. Mr. Corzine, a former Democratic senator and New Jersey governor, has faced widespread criticism but no criminal charges in connection with the collapse. “Choices made by Jon Corzine during his tenure as chairman and CEO sealed MF Global’s fate,” Rep. Randy Neugebauer (R., Texas), the chairman of the House Financial Services Subcommittee on Oversight and Investigations, said in a statement. Mr. Neugebauer’s committee on Wednesday released excerpts of its report on the futures firm’s collapse. [WSJ]

“4:55PM Rep. Neugebauer invokes Bill Nye the Science Guy with a water bottle experiment meant to demonstrate the difference between customer and firm money. In Neugebauer’s demonstration the water bottle is the customer accounts, with a black line to represent where it cannot go below. An empty glass is MF Global with a black line it needs to get up to. He pours out all the water bottle into the cup.” [Deal Journal]