The PJ Tatler

Major Fraud Global? Obama's 'Wall Street Guy' Resigns, Get Lawyered Up

Jon Corzine, friend and bundler for Barack Obama, is now unemployed and looking for a few hundred million dollars under his couch cushions. It’ll be in the last place you look, Jon.

Jon S. Corzine has resigned from his posts at the embattled brokerage firm MF Global, the company announced on Friday.

Mr. Corzine, the firm’s chairman and chief executive, will not seek his $12 million severance from MF Global, which filed for bankruptcy on Monday, according to the company’s statement.

The resignation capped a disastrous week for Mr. Corzine, as he saw MF Global lose two-thirds of its market value, file for bankruptcy and face a handful of federal investigations into more than $600 million in missing customer money. The decision also signaled a rapid downfall of what was supposed to be Mr. Corzine’s grand return to Wall Street — a comeback that began in early 2010, after a roughly 10-year sabbatical that he spent in politics.

Word missing from the NYT’s account? Democrat. Another missing word: Treasury. That’s the department that President Obama was eying for Mr. Corzine.

Now that’s off, and it’s time for the master of disaster to lawyer up.

Jon S. Corzine has hired Andrew J. Levander, a leading white-collar criminal defense lawyer, according to three people briefed on the matter, as the former New Jersey governor deals with fallout from the collapse of MF Global, the brokerage firm he has run since last year.

Mr. Corzine resigned from MF Global on Friday morning and will not seek $12 million severance payments.

Federal authorities, including the Federal Bureau of Investigation and the Securities and Exchange Commission, are investigating the $630 million in missing customer money at MF Global.

The word “Democrat” is missing from that NYT story too. Also missing: Whether Obama still regards Corzine as “our Wall Street guy.”

Corzine has raised $500,000 for the Obama campaign. Obama has pledged to return a whopping 1% of his bundled donations if Corzine is indicted.