Can states go after Corzine if Obama administration won't?

Has Jon Corzine escaped justice after MF Global fleeced customers of more than a billion dollars?  On CNBC, Rick Santelli and James Koutoulas say … maybe not.  If the Obama administration’s Department of Justice won’t prosecute Corzine, who not coincidentally is a big Obama bundler and a former Democratic Governor and Senator from New Jersey, then maybe states where Corzine’s former customers live might be interested in theft on the grandest scale imaginable (via News Alert):

I’m not sure whether this will work or not. If the thefts occur within the federally-regulated trading system, state AGs might not have jurisdiction. On the other hand, New York state AGs have a long history of crackdowns on fraud within the investment community, and it will be difficult to argue that a customer robbed of his retirement money in Arizona or Florida has no recourse to bring Corzine to justice while the DoJ sits on its hands.

If an ambitious state AG or two does pick up the case, it will be an embarrassment to Obama and Eric Holder if they manage to gain legal traction against Corzine. It will make it appear even more clear that the White House wanted to keep Corzine out of court. By that time, however, the embarrassment may just be a historical footnote if Obama fails in his re-election bid.