RNC unloads on Obama’s Wall Street Guy

This morning the RNC released a 13-page ‘Briefing Book’ on Corzine, the Democratic former governor and senator of New Jersey who oversaw the demise of now bankrupt MF Global, the global financial derivatives broker that has misplaced over $1 billion in client funds. The report, titled ‘My Wall Street Guy’, features a picture of Obama embracing Corzine on the cover, and is filled with news headlines including:

• MF Global Trustee Says $1.2B Or More Missing, The Associated Press: “The court-appointed trustee overseeing MF Global’s bankruptcy says up to $1.2 billion is missing from customer accounts, double what the firm had reported to regulators last month.”
• Shock Waves From MF Global Collapse Felt On Farms, The Associated Press: “Farmers, ranchers and rural businesses such as grain elevators and feed mills were among the hardest hit when they were cut off from the cash in their hedging accounts at MF Global, which sought bankruptcy protection in October after making a disastrous bet on European government debt. The number of people harmed and the extent of their losses isn’t clear yet.”
• MF Global Fallout Delays U.S. Farm Seed, Land Deals, Reuters: “In the latest sign of how MF Global’s failure is continuing to cascade across the commodity industry, Tofteland and other farmers who have yet to recover more than a third of their money from the bankrupt broker now find themselves in a cash crunch that risks rippling far beyond the futures market.”
• Corzine Pushed Bet On Europe Debt To $11.5B, Bloomberg: “Jon Corzine bet $11.5 billion on European sovereign debt in his bid to rebuild profits at MF Global Holdings Ltd., almost twice the net amount disclosed to investors, and relied on short-term hedges that left the firm exposed to larger losses if they couldn’t be rolled over.”
• Regulator Approves ‘MF Global Rule’, The New York Times: “Mr. Corzine’s efforts culminated on July 20, as MF Global executives were on four different calls with the agency’s staff. Mr. Corzine personally participated in two of those calls. Ultimately, the aggressive lobbying campaign helped delay the proposal.”
• Corzine Profile Rises In Obama Camp, The Star-Ledger: “The rollout also provided a showcase for Corzine, the former Goldman Sachs CEO whom Obama referred to as ‘our Wall Street guy’ at a meeting of Democratic governors in Chicago on Friday.”
• Obama Fundraiser At Corzine Home, Politico: “President Obama’s first New York event since he declared his reelection will be at the home of former New Jersey Gov. Jon Corzine, the former Goldman Sachs financier who will host a high-dollar, small dinner, an invitation to the event shows. Tickets to the event, which sources said Corzine is co-hosting with another financier, longtime Obama backer Orin Kramer and his wife, cost $35,800 per person.”

The RNC also launched a new video “Obama-Corzine Were Wrong” featuring quotes from Vice President Joe Biden and Obama talking about how much they trusted Corzine on the economy.

“Jon Corzine wasn’t just the first governor to pass an economic recovery plan for his state, he was an ally with the Obama administration in helping us develop a national recovery plan,” Obama says.

Near the end of the video Biden says, “‘Jon was right.’ I can start a mantra where ‘Jon was right. Jon was right.'” The video ends with the text: “Obama-Corzine were wrong. No wonder the stimulus didn’t work.”