Corzine ties put Dems in tricky position

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    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.).
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    Dec 05, 2011 7:21 PM GMT
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    Apr 22, 2012 8:11 AM GMT
    So why isn't Jon Corzine in jail?

    Perhaps it's because he's still listed as a top fundraising bundler in Obama's reelection campaign.

    Jon Corzine -- under federal and congressional investigation following accusations that the securities firm he headed illegally took clients' funds before collapsing -- is among President Obama's top re-election campaign bundlers, raising at least $500,000, according to the campaign’s filing Friday with the Federal Election Commission.

    Corzine, the former New Jersey senator and governor, and former head of Goldman Sachs, is among 127 individuals (dubbed “volunteer fundraisers” in the parlance used by Obama’s Chicago campaign) credited with raising more than $500,000 through the first quarter of 2012.

    Corzine is being investigated by the Justice Department and the Securities and Exchange Commission; he told Congress under oath last year that, while serving as chief executive at MF Global, he knew nothing about clients’ missing funds.
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    Apr 23, 2012 4:16 PM GMT
    Good question - why is Jon Corzine still at liberty? For all the moral outrage over Zimmerman - Corzine presided over a company that unaccountably lost $1.6 billion dollars and is now a bundler with the Obama Campaign?

    Jon Corzine, epitome of the .01%, former head of Goldman Sachs, former U.S. senator and governor of New Jersey: why is he still at liberty? Why is he padding about dispensing ridiculous economic advice to terminally credulous politicians like Joe Biden (“The first thing we did was call Jon Corzine,” said our vice president within weeks of taking office). Have an air sickness bag handy? When you’ve attended to that, take a look at this YouTube video.

    Who is more repulsive, Senator Corzine or Vice President Biden? I’m not sure we have instruments accurate enough to measure that. But at least the vice president has not, as far as I know, presided over an entity that lost $1.6 billion of its clients’ money, as Jon Corzine did as head of MF Global, another item on his resume. (I know, I know, Biden is helping to run an administration that loses $1.6 trillion annually, but let’s leave that to one side.) The Corzine story is old news, sort of. It’s been reported, but not quite savored; there hasn’t been the gleeful handwringing on the part of the legacy media. The New York Times, for example, has not gone into hysterical overdrive, running front-page stories and blistering editorials every day as it would had Jon Corzine been a Republican malefactor.
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    Jul 04, 2013 12:29 AM GMT

    Mr. Corzine today is being sued by the bankruptcy estate, by former customers of MF Global, by shareholders of MF Global, and by the company's regulator, the CFTC. The murmurs, however, are that he will escape criminal charges by the Justice Department.

    This has left some MF customers aggrieved. Unless they are run by professional criminals, firms illegally misappropriate customer money only in the desperate hours before they fail. Mr. Corzine perhaps had a duty to pull the plug sooner to prevent this from happening.

    But it's also true that he is well-known among some who are considering his case. Inevitably there is much play in the joints. The Manhattan district attorney famously overreached by charging a Tyco exec with grand larceny because he received a bonus authorized by the CEO.

    Surely it would be less of a stretch to accuse MF executives of a criminal act because they used MF customer money for MF's own purposes. Lately, however, white-collar prosecutors have backed away from using adventurous legal theories to turn business disasters into criminal charges.