Jon Corzine was summoned to the witness stand yesterday in MF Global Holdings Ltd.’s malpractice suit against the PricewaterhouseCoopers LLP accounting firm, Bloomberg News reported. It was a turn in market sentiment, and not his own flawed management, that led to the collapse of the trading firm he once ran, he told a Manhattan jury. “There was a loss of confidence and trust in the organization after our earnings were announced and credit agencies downgraded us in the last week of October 2011,” Corzine said. Corzine has served as governor of New Jersey, a U.S. senator and co-chairman of Goldman Sachs Group Inc., but it now falls to a New York jury to decide whether Corzine or PwC was responsible for MF Global’s failure. Corzine took the helm at MF Global in March 2010 and ran it for just more than 1 1/2 years before it collapsed. The PwC trial may be the last word on who’s to blame for the meltdown. Corzine hasn’t spoken publicly about the collapse since testifying before Congress in 2011.
