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Jon Corzine’s Revolving Door at MF Global

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  • Description

    FBN’s Gerri Willis on what lead to the collapse of MF Global.

  • Duration 4:01
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The head of the SEC told Mary Schapiro that is told Fox Business today that the collapse of them -- global.

It's not just a failure of regulation.

It's a failure of a firm making stupid decision it's probably true.

Investors and and -- global the bankrupt trading firm run by Jon Corzine are still trying to get their money back.

Nearly 600.

Million dollars is missing -- how did and that global become the -- biggest bankruptcy in American history.

Well you only have to look at Corzine's connections to the business and political world for some clues.

Corzine is the personification.

Of the revolving door going from Wall Street to politics and back again in a career spanning four decades.

Corzine first made his fortune as one of the so called masters of the universe of Goldman Sachs that is in Chile was eventually push out in 1999.

Even -- supporter of his fortune an estimated 100 million -- smashing all sorts of spending records to run as a liberal Democrat.

Eventually winning a senate seat in any became governor of New Jersey -- probably now.

Voters know eventually fired into.

After -- nearly wrecked the state he left Trenton and became head CEO that is up what.

And a global.

Now Corzine very quickly tried to make the company into a mini Goldman Sachs.

He lobbied the New York fed to become one of a handful of banks offer rights to be a primary dealer of US treasury bonds.

Corzine got his wish and the man who helped and get it was.

New York fed president and CEO William Dudley a partner at Goldman until 2007.

After enough global collapse many including us here at the -- reporter asking where the regulators.

Now the chief regulator is Gary Gensler he heads the CFTC which is investigating the whole -- Gensler -- just today announced -- recusing himself from the case has a long and deep ties to Corzine.

When Corzine was running for governor Gensler chipped in 101000.

Dollars to the state Democratic Party to help course I get elected.

Gensler also worked of course -- on capitol kill crafting rules and regulations.

For Wall Street.

Six degrees of separation -- Corzine also worked alongside former Treasury Secretary Henry Paulson a Goldman Sachs now Paulson.

Was the one who pushed for the massive bailout of Wall Street and the taxpayer rescue of Fannie Mae and Freddie Mac and speaking of Fannie and Freddie.

There's this guy -- James Johnson he joined Goldman Sachs senior -- led the company.

Johnson was a top executive at Fannie Mae in the 1990s and walked away with tens of millions of dollars in compensation.

While at the same time driving housing market off a -- Nice work if you can get it.

Corzine has also been part of what the call.

The builder -- group look at these folks it's a who's who of rich and powerful.

Including some bold faced American name's Ben Bernanke Tim Geithner Bill Clinton you know that's -- Now these guys get together everything years to solve the world's problems over caviar and Chardonnay.

But it's not just former presidents that Corzine rub shoulders with.

-- by President Obama decrying Wall Street fat cats Corzine has already helped to raise at least half million dollars for the president.

-- Israel action.

And Obama's -- BA commissioner Lisa Jackson -- right here on the left right there.

Was also in the Corzine -- when he was governor of New Jersey Corzine's number two would -- global.

Bradley gavel of the guy on the right there he worked for the Obama administration.

Was also in Corzine's New Jersey -- -- was a top executive at Goldman Sachs they all worked at the same places.

As for the half million the Obama campaign says it will give the money back.

If Corzine is convicted of crack.

But if history is our guide the kind of Wall Street firms Corzine once -- became too big to fail Corzine will probably become too big to jail.

That's what I.

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