"Devastated."

"Distress."

"Sadness."

"Losses."

"Hardships."

"Truly apologize."

Such were the phrases Jon S. Corzine used as he began his testimony yesterday in the U.S. House Agricultural Committee's investigation into the bankruptcy of MF Global.  If watching, you anticipated the sound of truth in his testimony, you were about to be given a lesson. On the agenda of this witness's appearance was not accuracy but a demonstration of hollow, unfelt, and self-protective speech.

In the two hours of his testimony, Mr. Corzine performed a soft dance to warm the heart of white collar defense lawyers everywhere, while leaving the rest of us cold.  This was public speaking in its most shameful guise.

Honesty and Credibility in Spoken Testimony

Issues of honesty and credibility surfaced instantly. "The Honorable Jon Corzine," Agriculture Committee Chairman Rep. Frank Lucas (R-OK) began as he introduced the witness.  But what is honorable about a CEO who irresponsibly loses $1.2 billion of clients' funds?

What followed was a witness statement read in the manner we have become used to in highly public mea culpas:  the robotic delivery of an Anthony Weiner or a Tiger Woods.  In these dry and meaningless performances, carefully scripted text demonstrates what is said but not believed, by either speaker or audience. They are words as rose petals, tossed into the mud of hubristic and self-serving behavior.

Hypocrisy was followed immediately by excuse, as Corzine stated that he "has not had access to many of the relevant documents that are essential to my being able to testify accurately about the chaotic days preceding the declaration [of bankruptcy]."  Therefore, "I may be unable to respond to various questions the members of this Committee might pose."

Indeed, you may be unable to do so!

The "Testimony"

Once questioning began, Mr. Corzine's strategy in this hearing was clear: to provide the most careful testimony possible, couched in caveats and denials, to protect himself against civil and criminal actions. 

Note the following exchange, with italics added, as an example of self-protection over truth:

Chairman Lucas:  "In your role at MF Global, did you authorize a transfer of customer funds from these segregated accounts?"

Corzine:  "I never intended to break any rules, that dealt with the segregation rules or any other rules that are applicable."

Lucas:  "Are you aware of any transfers, authorized or unauthorized, of funds out of customer accounts?"

Corzine:  "I'm not in a position, given the number of transactions, to know anything specifically about the movement of any specific funds."

Public Affairs and the Current Poisonous Political Climate

The above questions and responses are typical of what occurred in the over two hours of Corzine’s testimony.  Interestingly, when asked by Rep. Steve King (R-IA), whether he would suffer a personal loss as a result of the MF Global meltdown, Mr. Corzine would not answer.

What most invites incredulity concerning this hearing and others like it, however, is the willingness to offer such a display of obstruction in the current financial and political climate.  With the hatred of Wall Street and the banking industry fomented by the Occupy crowds, and the country's economic distress, wouldn't some movement toward openness and honesty be favored by the wealthy and powerful?

In this corner of the public debate space, apparently not.