John Corzine the Destroyer. First Goldman Sacs, then New Jersey and now MF Global and Obama loves this guy.

John Corzine and Obama "Like Minded"

FROM THE WASHINGTON POST via MF Global ties awkward for Obama campaign – The Washington Post.

The bankrupt financial company MF Global, now under federal investigation for possibly misusing clients’ money, is one of the top sources of contributions for President Obama’s reelection, complicating the campaign’s effort to turn public anger at Wall Street into a political advantage.

Employees of the company have given $108,650 to Obama’s campaign and the Democratic National Committee, according to federal records. MF Global’s chairman and chief executive, former New Jersey governor Jon Corzine, has raised at least $500,000 for the campaign and the DNC as a “bundler,” or volunteer fundraiser.

MF Global declared bankruptcy Monday, becoming the first U.S. victim of the European debt crisis. The FBI plans to conduct a preliminary probe into reports that hundreds of millions of dollars are missing from client accounts, federal law enforcement officials said.

The situation shows the political risk of relying on big money bundlers who can collect checks from friends and colleagues. Trouble can often rub off on candidates when they’re getting help from powerful public figures. Obama’s campaign has released a list of 350 bundlers who have raised at least $50,000, including 40 who have raised more than $500,000 each.

FROM CNBC via Wall Street: Jon Corzine Resigns From MF Global Holdings – CNBC.

“I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others, ” he said in the statement. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.”

“It was probably the right thing to do considering he was the architect of their strategy,” venture capitalist Ken Langone told CNBC.

“If they did what the papers are speculating they did it was a lack of integrity. If they didn’t do it, then it’s stupidity,” Lagone said. “Either way they don’t come out of this good.”

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