Some Dems Still Keeping the Corzine Money

Obama and DNC Realize It’s Better to Give Back Than to Have Received, But Other Dems Keep the Corzine Coal in Their Campaign Stocking

• Democrats thought they could cover-up their Corzine money trail by returning some of former Senator, Governor, Obama advisor, potential Obama Treasury Secretary and MF Global CEO Jon Corzine’s campaign cash late on a Friday afternoon before a holiday weekend.
• Corzine led MF Global straight into bankruptcy, and the pain of this Corzine Collapse is being felt across rural America because farmers held commodities trading accounts with Corzine’s firm to protect themselves from price swings.
• Sneaky though they may be, the move by the Obama campaign and DNC only puts more attention on the Democrats who refuse to return the Corzine money. These House Democrats continue to cling to their scandal-tainted campaign cash from Corzine, whose firm shortchanged American farmers, families and seniors. What will it take for Democrats to return their Corzine cash?

BACKGROUND

Democrats thought they could cover-up their Corzine money trail by returning some of former Senator, Governor, Obama advisor, potential Obama Treasury Secretary and MF Global CEO Jon Corzine’s campaign cash late on a Friday afternoon before a holiday weekend:

FRIDAY BEFORE CHRISTMAS IS ALWAYS A CONVENIENT TIME TO DROP EMBARRASSING NEWS: “President Barack Obama’s re-election campaign has returned campaign contributions from Jon S. Corzine, former chairman and chief executive officer of MF Global Holdings Ltd., according to a Democratic official.

“Responding to Republican criticism that the money from the former New Jersey governor was tainted by his firm’s collapse, Obama for America and the Democratic National Committee refunded the money, said the official, who requested anonymity.” (Hans Nichols, “Obama Returns $70,000 in Corzine Donations,” Bloomberg, 12/23/2011)

Corzine led MF Global straight into bankruptcy, and the pain of this Corzine Collapse is being felt across rural America because farmers held commodities trading accounts with Corzine’s firm to protect themselves from price swings:

MF GLOBAL COLLAPSE “HITTING HARD ACROSS RURAL AMERICA” AS FARMERS “NERVOUSLY WAITING TO LEARN HOW MUCH MONEY THEY’VE LOST”: “The shock waves from the collapse of commodities trading firm MF Global Inc. are hitting hard across rural America, where farmers, ranchers and agricultural business owners are nervously waiting to learn how much money they’ve lost.” (Steve Karnowski, “Shock Waves from MF Global Collapse Felt on Farms,” Associated Press, 12/4/2011)

“MF GLOBAL COLLAPSE FELT IN FARM COUNTRY”: “The havoc wreaked by MF Global’s bankruptcy filing has been felt not just by Wall Street investors and traders, but also by wheat and corn growers, cattle ranchers and pig farmers. Dotting the Farm Belt, many who used the commodities market to protect against price swings are finding their money locked up and their hedges unwound due to the firm’s downfall.” (Jerry Dicolo, “MF Global Collapse Felt in Farm Country,” The Wall Street Journal, 12/6/2011)

“SITUATION HAS DISRUPTED HOW FARMERS PLAN FOR A YEAR OF WORKING THEIR FIELDS”: (Jerry Dicolo, “MF Global Collapse Felt in Farm Country,” The Wall Street Journal, 12/6/2011)

“CORZINE: ‘I SIMPLY DO NOT KNOW WHERE THE MONEY IS’”: (Scott Patterson and Aaron Luchetti, “Corzine: ‘I Simply Do Not Know Where the Money Is,’” The Wall Street Journal, 12/8/2011)

“ANALYSIS: MF GLOBAL PROVES ENRON-ERA ACCOUNTING LIVES ON”: (Nanette Byrnes, “Analysis: MF Global Proves Enron-Era Accounting Lives On,” Reuters, 12/2/2011)

“OFF-BALANCE SHEET ACCOUNTING METHODS THAT ENRON AND LEHMAN BROTHERS MADE FAMOUS… HAVE A MODERN DAY POSTER-CHILD: MF GLOBAL”: (Nanette Byrnes, “Analysis: MF Global Proves Enron-Era Accounting Lives On,” Reuters, 12/2/2011)

CORZINE’S FIRM USED ACCOUNTING GIMMICKS TO MAKE MF GLOBAL “LOOK LESS INDEBTED AND THUS LESS A RISK THAN IT REALLY WAS”: (Nanette Byrnes, “Analysis: MF Global Proves Enron-Era Accounting Lives On,” Reuters, 12/2/2011)

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

U.S. COMMODITIES REGULATOR: CORZINE FIRM ACTIVITIES “EITHER NEFARIOUS OR ILLEGAL”: (Tim Mak, “Regulator: Corzine Firm ‘Nefarious,’” Politico, 11/15/2011)

Sneaky though they may be, the move by the Obama campaign and DNC only puts more attention on the Democrats who refuse to return the Corzine money. These House Democrats continue to cling to their scandal-tainted campaign cash from Corzine, whose firm shortchanged American farmers, families and seniors. What will it take for Democrats to return their Corzine cash?:

Corzine Personal Donations to House Democrats

(CQMoneyLine, accessed 11/03/2011)

DEMS RECEIVED $202.6 MILLION FROM SECURITIES AND INVESTMENT INDUSTRY SINCE 2006: (“Securities and Investment: Long-Term Trends,” OpenSecrets.org, Accessed 12/5/2011)

DEMS RECEIVED $39.8 MILLION FROM COMMERCIAL BANKS SINCE 2006: (“Commercial Banks: Long-Term Contribution Trends,”OpenSecrets.org, Accessed 12/5/2011)

DEMS RECEIVED $12.4 MILLION FROM FINANCE AND CREDIT COMPANIES SINCE 2006: (“Finance/Credit Companies: Long-Term Contribution Trends,” OpenSecrets.org, Accessed 12/5/2011)

DEMS RECEIVED $158.7 MILLION FROM REAL ESTATE INDUSTRY SINCE 2006: (“Real Estate: Long-Term Contribution Trends,”OpenSecrets.org, Accessed 12/5/2011)

“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)