Obama gives back some of the Corzine cash

posted at 10:20 am on December 26, 2011 by Ed Morrissey

And only some, but this Friday night news dump serves another purpose.  The mainstream media finally had to talk about the bundling Jon Corzine did for Barack Obama this year in the context of the MF Global scandal and the disappearance of $1.2 billion in customer funds:

President Barack Obama’s re-election campaign has returned campaign contributions from Jon S. Corzine, former chairman and chief executive officer of MF Global Holdings Ltd., according to a Democratic official.

Obama for America and the Democratic National Committee refunded the money from the former New Jersey governor out of an abundance of caution, said the official, who requested anonymity. Republicans have criticized the president for keeping contributions from the head of a firm that collapsed and filed for bankruptcy.

Corzine, 64, and his wife, Sharon Elghanayan, each contributed $30,800 to the Democratic National Committee and $5,000 to Obama’s campaign, the maximum amounts that individuals are allowed to give, said the official. Corzine, who testified before a congressional panel about MF Global’s bankruptcy and $1.2 billion in missing customer funds, has been one of Obama’s top fundraisers this election cycle. In April, Corzine hosted a fundraiser for Obama at his Manhattan home.

“Out of an abundance of caution”?  Not exactly; the only legal and fiscal consequence of keeping the cash would be that they would have had to give it back at some point if a court tried to claw back some of Corzine’s contributions.  The “caution” in this case is the need to put as much distance between Obama and Corzine as possible for political, not legal, reasons.  Corzine’s ties to the Obama campaign will be poisonous in a general election, especially if Obama has to run against Mitt Romney, whom Team Obama have already started attacking as part of the Wall Street crowd that stole America’s prosperity.

However, it’s pretty clear who was closest to a Wall Street theft in this election cycle:

President Obama is trying to put some distance between himself and the wreckage of bankrupt brokerage MF Global. But not too much distance.

After returning more than $70,000 to Jon Corzine, the CEO who led MF Global into bankruptcy, the president’s re-election organizations are still hanging onto nearly $150,000 connected to the firm, The Post has learned.

An Obama campaign official said no MF Global donations besides Corzine’s have been refunded. “Contributions will be reviewed on a case-by-case basis, and if the facts merit it, they will be returned,” the official told The Post.

So Obama’s still keeping more than twice the amount he’s returning to Corzine of other MF Global contributions?  Hmmm.  Sounds as though Obama has an inkling where the problem at MF Global was, huh?

They’re also not letting go of the rest of the money bundled by Corzine, either:

Corzine was one of 41 donors who bundled more than $500,000 this year for Obama’s re-election effort, according to documents released by the campaign Oct. 14. So-called bundlers arrange for contributions from other people and funnel the money to campaigns.

Obama’s campaign doesn’t plan to return those bundled donations and will evaluate other contributions from MF Global employees on a case-by-case basis, according to the Democratic official.

Over the past 20 years, Corzine, along with his first and second wives, directly contributed $917,000 to Democratic committees and candidates, according to the Center for Responsive Politics in Washington, which tracks political giving.

So out of almost a million dollars connected to Corzine, which may or may not include part or all of the other $150,000 from MF Global, Obama and the DNC are returning only $70,000?  No wonder they dumped this news on the Friday before Christmas.  They’ve relieved themselves of 7.6% of their Corzine money, which means they’re still 92.4% connected to the man who may have been the architect of a billion-dollar theft.

Update: OK, to be fair, the $917K number represents 20 years of fundraising and contributions from Corzine.  In this cycle alone, though, Corzine bundled $500,000 or more for Obama.  Let’s recalculate on that basis.  Obama and the Democrats have refunded 14% of Corzine-related money in this cycle, and have kept 86%.

Yeah, that’s not much of an improvement, is it?


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Comments

First?

Just Sayin on December 26, 2011 at 10:24 AM

First!

Just Sayin on December 26, 2011 at 10:24 AM

If the only campaign gimmick you have left is running against Wall Street, you have to run against ALL of Wall Street…or at least appear to.

RBMN on December 26, 2011 at 10:25 AM

Wonderful picture of the 2 crooks. It could be used in a political ad by a candidate who has the balls to do so.

Kissmygrits on December 26, 2011 at 10:26 AM

Yeah, but all of Obama’s Wall Street people are trying to reform the process. They want more poor people to benefit from the market, sort of like they helped them own homes they couldn’t afford. That’s actually sarcasm but deep in my heart I believe they try to find a way for people to borrow to invest.

Cindy Munford on December 26, 2011 at 10:26 AM

Hey Obama,

Keep the change; just resign.

SteveInRTP on December 26, 2011 at 10:27 AM

real shame. its situations like this that make me believe that the only way to get out of this morass is to adopt extreme libertarian policies.
ron paul might be a nut, but he will really change washington.if romney or newt are elected they will do the same or worse than obama.

nathor on December 26, 2011 at 10:27 AM

Barack Obama Loses the Election & North Korea Goes Into Mourning
http://www.youtube.com/watch?v=eYTv-kInxYw&feature=player_detailpage

Galt2009 on December 26, 2011 at 10:27 AM

the president’s re-election organizations are still hanging onto nearly $150,000 connected to the firm, The Post has learned.

I think that “still bitterly clinging to nearly $150,000″ would be a most appropriate turn of phrase…..

ted c on December 26, 2011 at 10:29 AM

They’ve relieved themselves of 7.6% of their Corzine money, which means they’re still 92.4% connected to the man who may have been the architect of a billion-dollar theft.

Fat cats, billionaires, and the fleas that infest them.

ted c on December 26, 2011 at 10:31 AM

I think that “still bitterly clinging to nearly $150,000″ would be a most appropriate turn of phrase…..

ted c on December 26, 2011 at 10:29 AM

+1000

SteveInRTP on December 26, 2011 at 10:31 AM

Hope and Change with their clasped hands in the air!

KOOLAID2 on December 26, 2011 at 10:33 AM

Of course the GOP leadership doesn’t have the huevos to run with this. It is our election to lose.

jeffinsjvca on December 26, 2011 at 10:36 AM

After returning more than $70,000 to Jon Corzine, the CEO who led MF Global into bankruptcy

Don’t politicians usually give tainted campaign contributions to charity? Hmmm… To paraphrase Andrew Dice Clay, maybe Corzine needed the money.

Fallon on December 26, 2011 at 10:39 AM

How about the contributions from Palestinians or Mickey Mouse?

steebo77 on December 26, 2011 at 10:47 AM

From January 19th, 2008:

“Recent public information has called into question contributions to the Obama campaign from a donor and fundraiser,” Obama spokesman Bill Burton said in a statement Saturday. “It is the policy and practice of the campaign to review all such new information and dispose of questionable funds such as the potential illegal ‘straw donations’ that campaigns, like other presidential campaigns this cycle, must address as new facts emerge.

Our consistent practice in these circumstances is to give the funds to charity out of an abundance of caution,” Burton said.

Fallon on December 26, 2011 at 10:47 AM

The kickbacks from Wall Street, the corruption and waste ought to be issues that unite the population…if only an enterprising GOP election organization could…nah!!!

Word is Issa is sitting on three GOP members tied to the Countrywide scandal. Let’s remind the kos kids how we deal corrupt pols and see if we can garner some recruits.

http://www.pittsburghlive.com/x/pittsburghtrib/opinion/s_773476.html

DanMan on December 26, 2011 at 10:48 AM

Let’s recalculate on that basis. Obama and the Democrats have refunded 14% of Corzine-related money in this cycle, and have kept 86%.

Is 14% all that they could find under Pookie’s couch cushions???

ted c on December 26, 2011 at 10:48 AM

Speaking of which…

Did Barack Hussein Milhous Obama ever give back all the donations from “Mickey Mouse,” “Osama bin Laden,” “Adolf Hitler,” “Nodda Realperson,” “Fake Name,” et cetera, und so weiter und so fort, and so on and so forth?

Glenn Jericho on December 26, 2011 at 10:48 AM

The rest is going to the Moochelle holiday fund!

Sparky5253 on December 26, 2011 at 10:56 AM

Fallon on December 26, 2011 at 10:47 AM

Hey RNC, lookie here!

Akzed on December 26, 2011 at 10:57 AM

It’s all [theoretical] poll-tested language -as usual. Give back the “Corzine” money because that’s the name in the news. Have a favorable organization write a piece with a misleading headline (which will appear on a lot of browser home pages and remain mostly un-clicked) and see how well it’s perceived. If grumblings still exist, they’ll claim an exhaustive internal investigation resulted in the return of more donations [“exact figure unknown as of press time”] that were tied to Corzine or MF Global.

Political calculus.

BKeyser on December 26, 2011 at 11:00 AM

About the only thing Obama is less likely to do than take the shackles off the economy so private sector jobs can recover is give back cash.

wildcat72 on December 26, 2011 at 11:04 AM

Obama and the Democrats have refunded 14% of Corzine-related money in this cycle, and have kept 86%.

But it provides enough cover for the LSM to heap praise on them for “standing up to Wall Street.” Sickening.

Just Sayin on December 26, 2011 at 11:08 AM

I’m suspicious of anyone who gives Obama or the DNC any money. His base is on assistance of some form or other, so where’s it coming from?

Who are these people who pay 35k a plate ? Wouldn’t that money be best spent on hungry homeless families?

DeniseVB on December 26, 2011 at 11:10 AM

nathor on December 26, 2011 at 10:27 AM

“Foolishness is bound up in the heart of a child”

Ron Paul has some good fiscal ideas but has as much chance as a snowball surviving in h*ll of implementing them. The House controls the purse strings and 85% of the members are old DC. Even if we get another 15% turnover like the 2010 election we will be down to 70% old DC. Still not enough to overturn any budget veto. Quit investing in Paul was we ridicule the left for investing in Obama.

Even given the above I don’t know why you think Paul would change the DC culture. He can’t even wean himself from the corrupt influence of Pork. 31 billion and counting.

chemman on December 26, 2011 at 11:12 AM

Crooks……

t on December 26, 2011 at 11:12 AM

Got MM’s “Culture of Corruption” for Christmas. Can hardly wait to see the parallels with this scam!

obleo on December 26, 2011 at 11:13 AM

Well, now anytime Corzine or MF Global get’s mentioned, you can count on them saying “No..no..no, we gave all that back..next question”.

Bet on it.

BigWyo on December 26, 2011 at 11:13 AM

Glenn Jericho on December 26, 2011 at 10:48 AM

I have no love lost for a DICC like Nixon, my first hold your nose presidential vote, but even he wasn’t that stupid in taking campaign contributions.

chemman on December 26, 2011 at 11:15 AM

The OWSers get results. Bless their hearts!

a capella on December 26, 2011 at 11:16 AM

Sudden and relentless reform of the crony capitalism that has infected our political process. We must remove the permanent political class and return our government back to We The People.

karenhasfreedom on December 26, 2011 at 11:16 AM

the president’s re-election organizations are still hanging onto nearly $150,000 connected to the firm, The Post has learned.

So what? We spend more than that on Dear Leader’s golf green fees. Or a single plane flight for Moochelle and entourage when they decide they have to start their vaycay RIGHT NOW.

CorporatePiggy on December 26, 2011 at 11:18 AM

dear leader, the biggest fat cat of them all….

cmsinaz on December 26, 2011 at 11:20 AM

LSM print

Extra, Extra read all about it. Obama gives back Corzine money.

LSM not printed

Well not all of it.

banzaibob on December 26, 2011 at 11:26 AM

If we had any modern day Woodward and Bernsteins who actually had the cojones to do some investigative journalism into crimes being commited by our current crook president I am certain we would find that this funding and bundling by corporate fat cats is happening on a massive fail. How else do you achieve a campaign kitty approaching a billion dollars?

If Nixon was forced to resign over covering up a breakin to DNC Headquarters to discover campaign strategies, then Obama should be shackled and thrown in the dungeon for his remaining days.

The dirt on Obama, his AG, his czars and his administration would fill the Grand Canyon.

fogw on December 26, 2011 at 11:29 AM

Bush/Cheney!

Halliburton!

Del Dolemonte on December 26, 2011 at 11:30 AM

massive scale.

fogw on December 26, 2011 at 11:31 AM

Obama and the Democrats have refunded 14% of Corzine-related money in this cycle, and have kept 86%.

That GOV Corzine….he’s so bad, we’re going to only going to charge him 86%….

distance

ted c on December 26, 2011 at 11:32 AM

Update: OK, to be fair, the $917K number represents 20 years of fundraising and contributions from Corzine. In this cycle alone, though, Corzine bundled $500,000 or more for Obama. Let’s recalculate on that basis. Obama and the Democrats have refunded 14% of Corzine-related money in this cycle, and have kept 86%.

So, $430,000 in corrupted campaign money is still in “redistributive” circulation. This should give those MF Global investors comfort in knowing their hard-earn money is going to a good cause.

Rovin on December 26, 2011 at 11:35 AM

How about the contributions from Palestinians or Mickey Mouse?

steebo77 on December 26, 2011 at 10:47 AM

That’s different. Those are just poor, downtrodden people yearning for democracy.

“Shut up!” he explained.

Solaratov on December 26, 2011 at 11:37 AM

I would like to see rock solid evidence that the money is actually refunded, returned, or donated.

Peppa Pig on December 26, 2011 at 11:37 AM

I would like to see rock solid evidence that the money is actually refunded, returned, or donated.

Peppa Pig on December 26, 2011 at 11:37 AM

Christmas is over. No more presents.

Solaratov on December 26, 2011 at 11:46 AM

Corzine needed the money he gave back, he’s out hiring lawyers, this might more a favor to a bundler than an effort of good will.

amazingmets on December 26, 2011 at 12:05 PM

On the first day of Christmas, my true love gave to me…

A big fat bundle of loot.

hillbillyjim on December 26, 2011 at 12:27 PM

Between Fast and Furious, Solyndra, and Lightsquared, there is enough probable cause for several impeachments. One would suffice, however, as long as Eric the Red goes down with his Jugeared Overlord.

hillbillyjim on December 26, 2011 at 12:32 PM

Cripes, just rollback McCain-Feingold – BAN bundling – and BAN prepaid card donations instead.

I wonder what the precentage of ‘bundled’ campaign money is basically money that has been laundered. Now they are so desperate, they are actually stealing money and then bundling it.

reaganaut on December 26, 2011 at 12:33 PM

After returning more than $70,000 to Jon Corzine, the CEO who led MF Global into bankruptcy, the president’s re-election organizations are still hanging onto nearly $150,000 connected to the firm, The Post has learned.

There we go!

That’s our corrupt, jug-eared leader.

Tim_CA on December 26, 2011 at 12:34 PM

Ron Paul has some good fiscal ideas but has as much chance as a snowball surviving in h*ll of implementing them. The House controls the purse strings and 85% of the members are old DC. Even if we get another 15% turnover like the 2010 election we will be down to 70% old DC. Still not enough to overturn any budget veto. Quit investing in Paul was we ridicule the left for investing in Obama.

Even given the above I don’t know why you think Paul would change the DC culture. He can’t even wean himself from the corrupt influence of Pork. 31 billion and counting.

chemman on December 26, 2011 at 11:12 AM

but with romney or newt, what change we are going to have? i sill still vote for them in the general, but with 0 enthusiasm.

nathor on December 26, 2011 at 12:47 PM

Apparently Bill Clinton was part of the MF Global cash grab in the months leading up to the bankruptcy. When you see one cockroach you know there are many more hiding in the dark.

http://nation.foxnews.com/mf-global/2011/12/05/report-bill-clinton-reaped-big-bucks-corzine-firm-collapse

Wigglesworth on December 26, 2011 at 2:50 PM

Barack Obama Loses the Election & North Korea Goes Into Mourning
http://www.youtube.com/watch?v=eYTv-kInxYw&feature=player_detailpage

Galt2009 on December 26, 2011 at 10:27 AM

heh. This could be the start of a new spoof, a la Hitler’s Downfall Bunker scene.

AH_C on December 26, 2011 at 5:11 PM

It would only matter to me if the return of the cash….. (like who do you make that check out to anyway?) came with a letter of resignation and retroactive vetos of all things signed by the President in name only.

ActinUpinTexas on December 27, 2011 at 4:47 PM