Former US Senator and New Jersey Governor Jon Corzine will testify before a House panel today to explain how MF Global, the firm he led for over a year and a half, collapsed and now can't account for $1.2 billion in client funds. Taking a page from the playbook of his political ally President Barack Obama, Mr. Corzine is expected to blame his predecessors and others rather than admit to his own failures.

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In his prepared testimony, Mr. Corzine will point the finger at his predecessors' accounting practices but the real reason for the collapse of the firm was the high stakes bets Mr. Corzine made on European government debt. According to an expert on the transactions, the firm didn't have enough "MF Global money" to cover those risky bets once the probability of default by several European countries began to rise.

While Mr. Corzine has admitted that he "strongly advocated" for the investment of billions of dollars in troubled European debt, he claims that MF Global’s board was not a "rubber stamp" for his decisions and other officials were well aware of the strategy.

In other words, because he was able to sway others to implement his policies, it's their fault not his when those policies bring about financial ruin. Sounds an awful lot like a president blaming Congress for the dismal economic results of their passing unaffordable stimulus packages and job killing reforms the president insisted they pass.

Unlike President Obama, Mr. Corzine is also expected to "sincerely apologize, both personally and on behalf of the company, to our customers, our employees and our investors, who are bearing the brunt of the impact of the firm's bankruptcy." But how sincere can that apology be when it comes with the insistence that it's all someone else's fault?