MFGI's O'Brien to be let go

Three months passed before subpoena

Edith O’Brien, the assistant treasurer for MF Global Inc. who was subpoenaed earlier this week by the Oversight and Investigations subcommittee of the House's Financial Services Committee is expected to be out of a job at the end of this month.

Kent Jarrell, spokesman for the MFGI trustee, noted in an e-mail that O’Brien’s  temporary assignment with the trustee overseeing the liquidation of MFGI will be coming to an end at the end of March as the Chicago office will be closed and all the Chicago based former MFGI employees will be terminated. Jarrell says that by mid-April the trustee will be down to less than 40 former MF Global employees on temporary assignment.

Rep. Randy Neugebauer (R. Tex), the chairman of the subcommittee stated in a press release, "Ms. O'Brien has unique, personal knowledge regarding how and why customer funds went missing. We owe it to the thousands of customers of MF Global — the ranchers, farmers and investors who lost money — to get to the bottom of how this could have happened."

Despite that, the subpoena comes three months after O’Brien’s name was brought up by MF Global Chairman and CEO Jon Corzine regarding the transfer of funds to JP Morgan during the week prior the bankruptcy filing.

A spokesman for the subcommittee said Ms. O’Brien had declined a previous invitation to speak before the committee and it has been widely reported that she would invoke her Fifth Amendment rights.

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