Obama Bundler Corzine Steps Down From MF Global

Posted by on Nov 05, 2011 at 9:28 pm

I guess this paves the way for his next role as Obama’s Treasury Secretary. Well, that or a full-time fundraiser.

Jon Corzine (D-NJ) is stepping down from running the securities firm that collapsed after his disastrous bets on European debt.

The firm, MF Global, said Friday that Corzine has resigned as chairman and CEO. It says he will decline a severance package worth $12.1 million, including cash and benefits.

MF Global filed for bankruptcy protection on Monday after its bets on European debt spooked investors and trading partners.

The company is under investigation by regulators and the FBI because hundreds of millions disappeared from customer accounts as it slid toward bankruptcy.

Corzine ran Goldman Sachs and was governor of New Jersey before joining MF Global.

I took the liberty of adding the “(D-NJ)” part since the AP conveniently ignored that, not to mention his cozy relationship with Obama.

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