Research Briefing

Rep. Maxine Waters (D-CA): “No Question That Mr. Corzine Violated Many Of The Rules Of The Game”

Rep. Maxine Waters (D-CA): “Thank you very much Mr. Chairman, it’s clear to me what was taking place at MF Capital and I think that this information has come out in previous hearings, Mr. Corzine basically was a one man show. He was the chairman and CEO and he threatened the board when they got in the way of his sovereign trading, he was glad when Mr. Roseman left, he hired his own people, he did his thing. And so I think there’s no question that Mr. Corzine violated many of the rules of the game in terms of being the chief and prolific trader that emerges out of all of this information.  My real concern is what happened to the customer assets? And the loss of 1.2 billion in these customer funds. Mr. Stockman, what do you know about the decision that was made to utilize these customer funds, despite the fact they [that] were supposed to be segregated and protected?” (Financial Services Committee, U.S. House, Hearing, 2/2/12)

CORZINE IS OBAMA’S “WALL STREET GUY” WHO HELPED CRAFT THE STIMULUS

President Obama: 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), 6/23/08)

Obama: Corzine Helped Draft The Stimulus. “Jon Corzine wasn't just the first governor to pass an economic recovery plan for his state; he was an ally with the Obama administration in helping us develop a national recovery plan.” (President Obama, “Remarks By The President At New Jersey Rally For Governor Jon Corzine,” Holmdel, NJ, 7/16/09)

• Watch Obama’s Comments Here

In The Early Days Of The Obama Administration, Biden “Literally” Called Jon Corzine For Advice On The Economy Because “He Knew About The Economy … And We Trusted His Judgment.” “‘I literally picked up the phone and called Jon Corzine and said Jon, what do you think we should do,’ Biden said. ‘The reason we called Jon is that we knew that he knew about the economy, about world markets, how we had to respond, unlike almost anyone we knew. It was because he had been in the pit -- because he had been in the furnace. And we trusted his judgment.’” (Conor Friedersdorf, “Obama’s Team Relied On Jon Corzine For Economic Advice,” The Atlantic, 11/14/11)

• Watch Biden Say The Obama Team Relied On Corzine For Economic Advice

Jon Corzine Is Still Listed As Bundling Over $500,000 For Obama's Reelection Campaign. ("Obama For America And Obama Victory Fund 2012 Volunteer Fundraisers," Obama For America, Accessed 1/31/12)

• "Before The Financial Scandal Unfolded At MF Global, Corzine Had Been One Of Obama's Go-To Guys To Raise Cash From Wall Street Financiers." (Carl Campanile, "Obama's 'Bundled' Up With Corzine," New York Post, 2/1/12)
• Obama Returned The Donations From Corzine, Personally, But Not The Money Corzine Brought In From Other Donors. "Since then, Obama has returned donations that his campaign received from Corzine - but not the money the former New Jersey US senator and governor collected from other donors." (Carl Campanile, "Obama's 'Bundled' Up With Corzine," New York Post, 2/1/12)