Dec 05, 2011 6:39 PM GMT
Jon Corzine, former CEO of MF Global, has given tens of thousands of dollars to the Democratic Party in recent months, putting Democratic lawmakers in awkward positions ahead of Corzine’s subpoenaed appearance before a House committee next week.
The House Agriculture Committee wants Corzine to explain the financial collapse of MF Global and what may have happened to clients’ investments.
A former U.S. senator from New Jersey and governor of that state, Corzine is a longtime leader of the Democratic Party who served as chairman of the Democratic Senatorial Campaign Committee in 2004.
He is also a generous financial supporter of President Obama.
Corzine gave $15,000 to the Democratic Congressional Campaign Committee on Sept. 28 and $30,800 to the Democratic National Committee in June.
While he has contributed to Democrats such as Reps. Rush Holt (D-N.J.), Frank Pallone (D-N.J.) and George Miller (D-Calif.), Corzine has become a political liability to his former allies on the Hill.
House Republicans are accusing Democrats of hypocrisy for not returning contributions from Corzine, whose brokerage firm may have lost more than $1 billion of clients’ money through improper transactions.
Republicans will put him in the spotlight Thursday. The House Agriculture Committee has subpoenaed Corzine to testify before the committee at a hearing scheduled Dec. 8.
“His testimony is essential to fulfill our objectives of our constituents,” said Chairman Frank Lucas (R-Okla.).