Dems Know Where Corzine’s Money Is: In Their Campaign Coffers

December 8, 2011

FYI, a similar version of this release below went out to the following districts: Jim Cooper (TN-05), Kathy Hochul (NY-26), Rush Holt (NJ-12), Nita Lowey (NY-18), Ed Markey (MA-07), George Miller (CA-07), Jerrold Nadler (NY-08), Frank Pallone (NJ-06), Donald Payne (NJ-10), Charlie Rangel (NY-15), Steve Rothman (NJ-09)

Hochul Knows Where Corzine’s Money Is: In Her Campaign Coffers
NRCC Calls on New York Democrat to Donate Disgraced Donor Jon Corzine’s Campaign Cash to Victims’ Compensation Fund

Washington — After being subpoenaed to testify before the House Agricultural Committee, disgraced Democrat politician and Kathy Hochul donor Jon Corzine will say he does not know where over a billion dollars in his customers’ money went after making excessively risky Enron-style bets. However, Hochul knows where some of Corzine’s money went: into her own campaign coffers. Hochul should step up and give her donation to the Corzine victims’ compensation fund, especially since the fallout from MF Global is hurting farmers and small businesses across the country and far away from Wall Street.

“Kathy Hochul is demonstrating the worst kind of Washington hypocrisy as she keeps her Jon Corzine contributions that were paid for with potentially-illegal, Enron-style bets at the expense of thousands of American families,” said NRCC Communications Director Paul Lindsay. “Will Hochul dodge her responsibility like her disgraced Democrat benefactor Corzine, or will she take action and donate her campaign contribution to the compensation fund for the victims of Corzine’s incompetence and greed?”

Kathy Hochul has received $2,500 in donations from Jon Corzine. (CQMoneyLine, accessed 11/03/11)

The reach of Democrat donor Jon Corzine’s MF Global disaster and potentially-illegal activity even extends to the nation’s breadbasket:

“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.

“Those ramifications will be in focus Thursday when the House Agriculture Committee convenes a hearing on MF Global. The committee members have subpoenaed former MF Global Chief Executive Jon Corzine, who is expected to appear in what would be his first public appearance since the firm’s collapse due to his more than $6 billion bet on European debt. A spokesman for Mr. Corzine declined to comment Tuesday…”

“As one of the largest U.S. commodities brokers, MF Global served hundreds and perhaps thousands of farmers who use the commodities markets, often alongside insurance, to protect themselves against price swings in their crops in a process called hedging.” (Jerry A. DiColo and Dan Strumpf, “MF Global Collapse Felt in Farm Country,” The Wall Street Journal, 12/7/11)

But the Democrats’ “Wall Street guy” will have few answers in his testimony today:

“The trustee overseeing MF Global’s liquidation estimates the amount at $1.2 billion. Mr. Corzine will say in his testimony that he had little to do with the mechanics of moving customer cash and collateral and that he was ‘stunned’ when he learned on Oct. 30 that the money was missing.

“‘I simply do not know where the money is,’ he will say, noting that ‘there were an extraordinary number of transactions during MF Global’s last few days.'” (Scott Patterson and Aaron Lucchetti, “Corzine: ‘I Simply Do Not Know Where The Money Is,'” The Wall Street Journal, 12/8/11)

Since Kathy Hochul took Jon Corzine’s money, she should return it to the victims’ compensation fund to help ease the burden on American farmers and small businesses who are getting shortchanged by Corzine’s risky Enron-style bets. Otherwise, Hochul would be demonstrating the exact hypocrisy that voters despise in Washington.

Dems Know Where Corzine’s Money Is: In Their Campaign Coffers http://ow.ly/7T9Tr #madeinwdc

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