MF Global Holdings awarded the former governor of New Jersey about $8.5 million in compensation last year, and he just sold his Hoboken penthouse for 2.8 million. MF Global, the global financial derivatives broker, "lost" 1.5 billion, declared bankruptcy, and 3,200 jobs were destroyed just last year. Much of the missing money belonged small business people and middle-class investors.
Corzine, who has been praised by both President Obama and Vice President Joe Biden as a "go to guy" on "financial, economic, and Wall Street issues," is now a bundler for the Obama re-election campaign and has added at least half-a-million dollars to the coffers.
Joe Biden explained:
..from the moment he and the president sat down to figure out their economic strategy, "Literally, the first guy I called was Jon Corzine. It's not a joke. It's not a joke. First of all, he's the smartest guy I know in terms of the economy and on finance, and I really mean that."
An article by Time questioned whether Corzine was honest during his testimony and noted that the DOJ and the Securities and Exchange Commission "are investigating whether MF Global illegally used client funds to cover company losses." Although illegal, "a recent PBS 'Frontline' program reports that Corzine personally lobbied for permission to let MF borrow from customer accounts through internal repurchasing agreements," as reported by the NYPost.
Corzine testified, "I simply do not know where the money is," at a congressional committee hearing in December.
If Mitt Romney is bad as a job killer as portrayed by the Obama Camp, Mr. Corzine is the devil. How is he not in jail? Where did 1.5 billion dollars go? Additionally, is it ethical for Corzine to help Obama pad his re-election piggy bank during a DOJ investigation? Isn't that a clear conflict of interest?
Picking and choosing a villain based on political party is a blatant act of hypocrisy. All of the President's talk of "fairness" and "playing by the rules" rings hollow.