Where’s the MF Money? Lost in Democrat Hypocrisy

Growing Scandal Surrounding Former Dem Governor, Senator, Obama Bundler and Confidant Corzine Exposes Hypocrisy of Dems’ Wall Street Attacks 

• The scandal surrounding now-bankrupt MF Global, a trading firm formerly run by former New Jersey Democrat Governor, Senator and Obama bundler and confidant Jon Corzine, reached new levels this week with revelations that Corzine’s firm may be missing $1.2 billion in customer money, more than double initial estimates.
• Other preliminary inquiries suggest that “missing” customer money may actually be gone—and that criminal activity may be at play.
• Even as Democrats align themselves with the Occupy Movement, those same Democrats have amassed millions in financial contributions from Wall Street. The fact that “Obama’s guy on Wall Street” now faces possible criminal charges for the very behavior Democrats pretend to condemn exposes the Democrats’ hypocrisy. Will Democrats return their scandal-tainted Corzine cash?

BACKGROUND 

The scandal surrounding now-bankrupt MF Global, a trading firm formerly run by former New Jersey Democrat Governor, Senator and Obama bundler and confidant Jon Corzine, reached new levels this week with revelations that Corzine’s firm may be missing $1.2 billion in customer money, more than double initial estimates:

AMOUNT OF MISSING MF GLOBAL CASH “COULD BE MORE THAN $1.2 BILLION”:“The amount of customer money missing from the collapsed trading firm MF Global may be more than $1.2 billion — double previous estimates — the trustee dismantling the firm’s brokerage unit said on Monday.” (Michael J. de la Merced, “MF Global Trustee Says Shortfall Could Exceed $1.2 Billion,” The New York Times, 11/21/2011)

FBI INVESTIGATING HOW CORZINE’S COMPANY LOST CUSTOMER MONEY: (Paul Steinhauser, “RNC Calls on Obama to Return Corzine Contributions,” CNN, 11/3/2011) 

CORZINE WAS OBAMA’S “WALL STREET GUY” AND A CLOSE FRIEND OF THE WHITE HOUSE:

CORZINE A TOP OBAMA BUNDLER: “A recent list of top ‘bundlers’ or elite fundraisers released by Obama’s campaign listed Corzine in the highest category — reporting that he had raised more than $500,000 for the campaign.” (Michael Isikoff, “Corzine, Top Obama Fundraiser, Under FBI Investigation,” MSNBC, 11/2/2011)

CORZINE WAS ONCE TOUTED AS A REPLACEMENT TO TREASURY SECRETARY TIM GEITHNER: “There was speculation in the financial press at the time that Corzine might be a candidate to replace Tim Geithner as Secretary of the Treasury.” (Michael Isikoff, “Corzine, Top Obama Fundraiser, Under FBI Investigation,” MSNBC, 11/2/11) 

REMEMBER THIS? OBAMA SAID CORZINE IS “OUR WALL STREET GUY”: “The rollout also provided a showcase for Corzine, the former Goldman Sachs CEO whom Obama referred to as ‘our Wall Street guy’ at a meeting of Democratic governors in Chicago on Friday.” (Claire Heininger, “Corzine Profile Rises In Obama Camp,” The Star-Ledger (NJ),6/23/2008) 

VP JOE BIDEN: WE “LITERALLY PICKED UP THE PHONE AND CALLED JON CORZINE” ABOUT HOW TO DESIGN STIMULUS: “Ladies and gentleman; the president and I weren’t back there blaming Jon Corzine then. You know what we were doing? We were on the phone, calling Jon Corzine—literally. I literally picked up the phone and called Jon Corzine and said, ‘Jon, what do you think we should do?’ The reason why we called Jon is because we knew he knew about the economy, about world markets, about how we had to respond, unlike almost anyone we knew… We trusted his judgment. … The facts were, Jon, leading your legislature, was already moving, in New Jersey on an economic stimulus package before anybody else was. … Jon suggested, and laid out, and we talked a long time about what the elements of the recovery package nationally should be.” (Remarks from Joe Biden, YouTube, Accessed 11/14/2011)

“NOT A JOKE,” SAYS JOE: “LITERALLY THE FIRST GUY I CALLED WAS JON CORZINE” BECAUSE “HE’S THE SMARTEST GUY I KNOW IN TERMS OF THE ECONOMY”: “In the transition period before we were sworn in… beginning to plan how we would try to get this economy out of a ditch, literally the first guy I called was Jon Corzine. Not a joke, not a joke. ‘Cause first of all, he’s the smartest guy that I know in terms of the economy and on finance, I really mean this. And he was pushing when I was campaigning about the need for us, once we took office, to hit the ground running.”  (Remarks from Joe Biden, You Tube, Accessed 11/22/2011) 

Other preliminary inquiries suggest that “missing” customer money may actually be gone—and that criminal activity may be at play:

REGULATORS SUSPECT CUSTOMER “MONEY IS NOT SIMPLY MISSING,” BUT “GONE”: “Investigators have now zeroed in on the suspect borrowing at the commodities and derivatives brokerage firm, which at the time of its collapse was run by Jon S. Corzine, according to people briefed on the investigation. At least some of the borrowed customer cash was used to pay off bad bets made by MF Global, regulators suspect, meaning the money is not simply missing. It is gone.” (Ben Protess, “MF Global is Said to Have Used Customer Money Improperly,” The New York Times, 11/17/2011) 

U.S. COMMODITIES REGULATOR: CORZINE FIRM ACTIVITIES “EITHER NEFARIOUS OR ILLEGAL”: “Former New Jersey governor Jon Corzine’s former brokerage firm was engaged in activity that was ‘either nefarious or illegal,’ said a U.S. futures regulator on Tuesday.

“ ‘It looks suspicious as heck to me. It is either nefarious or illegal, in my personal opinion. That’s why we have an investigation. The money should be there, it’s not. That money should be sacrosanct. It’s really troubling,’ said Bart Chilton, a commissioner at the Commodities Futures Trading Commission, on CNBC’s Squawk Box.” (Tim Mak, “Regulator: Corzine Firm ‘Nefarious,’” Politico, 11/15/2011) 

Even as Democrats align themselves with the Occupy Movement, those same Democrats have amassed millions in financial contributions from Wall Street. The fact that “Obama’s guy on Wall Street” now faces possible criminal charges for the very behavior Democrats pretend to condemn exposes the Democrats’ hypocrisy. Will Democrats return their scandal-tainted Corzine cash?:

Corzine Personal Donations to Incumbents and Select National Party Committees

(CQMoneyLine, accessed 11/03/2011)

DEMS RECEIVED $197.3 MILLION FROM SECURITIES AND INVESTMENT INDUSTRY SINCE 2006: (“Securities and Investment: Long-Term Trends,” OpenSecrets.org, Accessed 11/4/2011)

DEMS RECEIVED $39.2 MILLION FROM COMMERCIAL BANKS SINCE 2006:(“Commercial Banks: Long-Term Contribution Trends,” OpenSecrets.org, Accessed 11/4/2011)

DEMS RECEIVED $12.1 MILLION FROM FINANCE AND CREDIT COMPANIES SINCE 2006: (“Finance/Credit Companies: Long-Term Contribution Trends,” OpenSecrets.org, Accessed 11/4/2011)

DEMS RECEIVED $155.5 MILLION FROM REAL ESTATE INDUSTRY SINCE 2006: (“Real Estate: Long-Term Contribution Trends,” OpenSecrets.org, Accessed 11/4/2011) 

“OBAMA AT WAR WITH SELF OVER WALL ST.”: “ ‘First, the White House signaled it would make anger toward Wall Street central to President Barack Obama’s reelection campaign. But then, Obama warned against demonizing all of Wall Street — only a few days before he sympathized with the Occupy Wall Street protesters who do exactly that.” (Carrie Budoff Brown, “Obama at War with Self Over Wall St.,” Politico, 11/4/2011)

“ZIGZAGS BETWEEN EMBRACING THE BUSINESS COMMUNITY AND VILIFYING IT HAVE SHADOWED [OBAMA’S] PRESIDENCY: “The White House’s Wall Street whiplash stretches to the earliest days of the administration, with Obama conciliatory one minute and confrontational the next.

“His zigzags between embracing the business community and vilifying it have shadowed his presidency, exposing him to charges from Wall Street that he’s out to get them and from liberals that he coddles Big Business. Based on his own statements, Obama himself can appear undecided about which way to go — an incoherence that has left both sides dissatisfied as he seeks reelection.” (Carrie Budoff Brown, “Obama at War with Self Over Wall St.,” Politico, 11/4/2011)