Wednesday is the one-year anniversary of the shocking discovery that over $1.5 billion from accounts of MF Global customers were looted under John Corzine's watch. On Sunday, The American Principles super PAC placed full-page ads in ten Iowa and Ohio newspapers, including the Des Moines Register. The ads highlighted President Barack Obama's ties to Corzine, who was his top bundler on Wall Street in 2008.
Corzine, whom Obama called "my man on Wall Street," has bundled at least $500,000 for Obama this election cycle as well.
Obama and Corzine are shown holding hands in a photo under a headline that reads, "My Wall Street Guy."
The ad's text reads:
In October 2011, over $1.5 Billion was looted from the segregated accounts of thousands of MF Global customers including many Iowa farmers and farm co-ops. MF Global was led by Jon Corzine, one of Barack Obama’s biggest bundlers of campaign contributions and someone who President Obama proudly referred to as “Our Man on Wall Street.” One year later, no one has been charged with a crime and no one has been held accountable for this massive regulatory failure.
The ad encourages readers to:
Say "No" to cronyism and corruption in Washington!
Say "No" to Obama!
The super PAC noted the "downfall of MF Global was the eighth largest bankruptcy in U.S. history and biggest commodity market regulatory failure ever. Moreover, this collapse is unprecedented in the 160-year record of commodity futures trading in the U.S."
Corzine used to head Goldman Sachs and is a former U.S. Senator from New Jersey as well as the state's Governor. As American Principles noted, as Chairman of the Democratic Senatorial Campaign Committee, Corzine helped Barack Obama get elected to the Senate in 2004.
"American Principles SuperPAC’s message is clear," the group said in a statement. "While President Obama has engaged in class warfare and railed against “Wall Street Fat Cats”, the reality is that one of his closest 'Wall Street Fat Cat' cronies is in fact getting a pass from the DOJ in what could, once fully investigated, prove to be among the most widespread frauds – and at the very least regulatory failures – in history."
As Breitbart News reported, MF Global and Corzine may be getting a pass because Corzine used to be a client of Attorney General Eric Holder's former law firm, which is why the matter has not yet been investigated as thoroughly as it should:
Those wondering why the Department of Justice has refused to go after Jon Corzine for the vaporization of $1.6 billion in MF Global client funds need look no further than the documents uncovered by the Government Accountability Institute that reveal that the now-defunct MF Global was a client of Attorney General Eric Holder and Assistant Attorney General Lanny Breuer’s former law firm, Covington & Burling.
Records also reveal that MF Global’s trustee for the Chapter 11 bankruptcy retained as its general bankruptcy counsel Morrison & Foerester--the very law firm from which Associate Attorney General Tony West came to DOJ.
If there is a more thorough investigation, Corzine may eventually face jail time when more revelations come to light, according to FOX News:
In the days following MF Global’s stunning implosion last year, a senior executive at the firm made a startling concession to investigators looking into both the company’s demise and the loss of more than $1 billion in customer money, according to people with direct knowledge of the matter.
MF Global’s chief financial officer for North America, Christine Serwinski, told investigators that her boss, MF Global’s chief executive, Jon Corzine, was well aware of the use and possible misuse of the customer funds during the firm’s final days, and as a result, Corzine may end up in “jail,” these people add.
Serwinski’s initial account of MF Global’s bankruptcy -- and who might be to blame for the loss of $1.6 billion in customer funds -- has yet to be disclosed, and could add a new dimension to the year-long federal investigation into the firm’s implosion.
The advertisement can be seen below: