A New House Report Accuses Obama Bundler Jon Corzine Of Making “Fateful Decisions” Which Resulted In MF Global’s Bankruptcy

The House Financial Services Committee Report Offers A “Withering Critique” Of Corzine’s Tenure At MF Global. “In excerpts from a broader MF Global report to be released on Thursday, Republican members of a Congressional panel outlined a withering critique of Mr. Corzine’s 19-month tenure at the firm. The former Democratic senator and governor from New Jersey resigned as MF Global’s chief executive last fall after the firm raided customer accounts during a futile fight for its life.” (Ben Protess, “Congressional Report Blames Corzine For MF Global’s Collapse,” The New York Times’ DealBook, 11/14/12)

While At MF Global, Corzine “Made Several Fateful Decisions, The Cumulative Effects Of Which Caused MF Global’s Bankruptcy And Jeopardized Customer Funds.” “During his nineteen-month tenure as Chairman and CEO of MF Global, Jon Corzine made several fateful decisions, the cumulative effects of which caused MF Global’s bankruptcy and jeopardized customer funds.” (“The Collapse Of MF Global,” House Financial Services Committee, 11/15/12)

Corzine’s Failure At MF Global Represents A “Dereliction Of His Duty.” “However, the responsibility for failing to maintain the systems and controls necessary to protect customer funds rests with Corzine.  This failure represented a dereliction of his duty as MF Global’s Chairman and CEO.” (“The Collapse Of MF Global,” House Financial Services Committee, 11/15/12)

As CEO Of MF Global, “Corzine Missed Warning Signs About MF Global’s Weak Liquidity Position And He Torpedoed An Overhaul Of The Firm’s Risk Controls.” “In a series of potential missteps, the report said, Mr. Corzine missed warning signs about MF Global’s weak liquidity position and he torpedoed an overhaul of the firm’s risk controls. Citing “a dereliction of his duty,” the report claims that the moves arguably left customers vulnerable to the invasion of their accounts.” (Ben Protess, “Congressional Report Blames Corzine For MF Global’s Collapse,” The New York Times’ DealBook, 11/14/12)

Obama Called Corzine His “Wall Street Guy”

Obama: Corzine Is “Our Wall Street Guy.” “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.” (Claire Heininger, “Corzine Profile Rises In Obama Camp,” The Star-Ledger (NJ),6/23/08)

Corzine Bundled Over $500,000 For Obama’s Reelection Campaign. (Center For Responsive Politics, Open Secrets, Accessed 11/15/12)

·        The Obama Campaign Has Not Returned The Bundled Money. “Corzine was one of 41 donors who bundled more than $500,000 this year for Obama’s re-election effort, according to documents released by the campaign Oct. 14. The campaign doesn’t plan to return those bundled donations and will evaluate other contributions from MF Global employees on a case-by-case basis, according to the Democratic official.” (Hans Nichols, “Obama Returns $70,000 In Corzine Donations,” Bloomberg, 12/23/11)

Obama Was “Proud To Stand” With Corzine Who He Called A “Leader…Called To Govern In Some Extraordinary Times.” “I’m proud to stand with a man who wakes up every single day thinking about your future and the future of this state — and that’s your governor, Jon Corzine. Like many of us in public life today, Jon is a leader who’s been called to govern in some extraordinary times. He’s been tested by the worst recession in half a century a recession that was caused by years of recklessness and irresponsibility and a do-nothing attitude.” (President Obama, Remarks By The President At New Jersey Rally For Governor Jon Corzine, Holmdel, NJ, 7/16/09)

Obama: Corzine “Was An Ally With The Obama Administration In Helping Us Develop A National Recovery Plan.” “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.” (President Obama, Remarks By The President At New Jersey Rally For Governor Jon Corzine, Holmdel, NJ, 7/16/09)

• Watch Obama’s Comments Here

Obama Says He Is “Responsible For Folks Who Are Working In The Federal Government”

Obama: “As President Of The United States, It’s Pretty Clear To Me That I’m Responsible For Folks Who Are Working In The Federal Government And You Know, Harry Truman Said The Buck Stops With You.” OBAMA: “Well, here’s what I know, we were just talking about responsibility and as president of the United States, it’s pretty clear to me that I’m responsible for folks who are working in the federal government and you know, Harry Truman said the buck stops with you.” (“President Obama Says Romney Should Answer Bain Capital Questions,”WJLA, 7/13/12)

• Obama: “One Of The Things You Learn Is, You Are Ultimately Responsible For The Conduct Of Your Operations…” OBAMA: “Ultimately Mr. Romney, I think, is going to have to answer those questions, because if he aspires to being president one of the things you learn is, you are ultimately responsible for the conduct of your operations, but again that’s probably a question that he’s going to have to answer and I think that’s a legitimate part of the campaign.” (“President Obama Says Romney Should Answer Bain Capital Questions,” WJLA, 7/13/12)

If The Buck Stops With Obama, Will He Take Responsibility For The Most Recent Administration Scandal?

Last Year, The Veterans Affairs Department Held Two Employee Conferences Which Cost $9 Million. “The Veterans Affairs Department last year held two employee conferences at a combined cost of $9 million at which attendees received tens of thousands of dollars in promotional items. And employees who organized the conferences may have improperly accepted gifts, including alcohol, concert tickets and spa treatments, according to sources.” (Stephen Losey, “IG Investigating Two VA Conferences That Cost A Combined $5 Million,” Federal Times , 8/13/12)

• “The VA’s Inspector General Is Investigating Allegations Of Wasteful Spending And Improper Acceptance Of Gratuities.” “The VA’s inspector general is investigating allegations of wasteful spending and improper acceptance of gratuities in connection with two human resources training conferences, held in Orlando, Fla., in July and August 2011. The IG’s office told Federal Times Aug. 13 it has ‘uncovered questionable activities’ in its probe, which began in April after receiving a tip on its hotline.” (Stephen Losey, “IG Investigating Two VA Conferences That Cost A Combined $5 Million,” Federal Times , 8/13/12)

Obama Won’t Answer For The Scandals That Have Plagued His Administration

Scandals Are “Generating The Kinds Of Questions That No Administration Wants To Answer This Close To A Re-Election Bid.” “Neither Obama nor his top aides have been implicated, but both of those stories are generating the kinds of questions that no administration wants to answer this close to a re-election bid.”(David Jackson, “Obama Grapples With Secret Service, GSA Scandles,” USA Today , 4/18/12)

The General Services Administration’s 2010 Western Region Conference “Made Headlines When An Inspector General Report Found A Pattern Of Excessive Spending, Waste, And Possible Fraud On The Pricey, Taxpayer-Funded Las Vegas Conference.” “The conference made headlines this week when an Inspector General report found a pattern of excessive spending, waste and possible fraud on the pricey, taxpayer-funded Las Vegas conference, where organizers went out of their way to organize a lavish, over-the-top celebration that included a mindreader, a clown, fancy food, and several ‘trial runs’ by GSA employees.” (Byron Tau, “Videos Of $800K GSA Conference Surface,” Politico, 4/7/12)

• Three Days After The Conference, “The President’s Office Of Government Ethics Gave A Clean Bill Of Health To The GSA’s Ethics Program.” “Three days after a scandal-plagued 2010 Las Vegas conference for employees of the General Services Administration, the president’s Office of Government Ethics gave a clean bill of health to the GSA’s ethics program. The approval was based on an examination of the agency’s financial disclosure procedures, and ethics training and advising processes between 2008 and 2009. “GSA’s ethics program appears to be effectively administered and in compliance with applicable laws, regulations, and policies,” Patricia Zemple, OGE’s associate director for the program review division, wrote in a Nov. 2, 2010, letter to then GSA administrator Martha Johnson and Inspector General Brian Miller.” (Timothy R. Smith, “GSA’s Ethics Program Approved Just Days After Scandal-Plagued Conference,” The Washington Post , 8/5/12)

Defense Secretary Leon Panetta Cost The Pentagon As Much As $860,000, About $32,000 Every Trip, As He Commutes Home For The Weekend Using A Military Gulfstream Jet. “Before accepting the job as defense secretary, Mr. Panetta negotiated his right to commute home to California nearly every weekend using a military equivalent of a Gulfstream jet, as his job as Pentagon chief requires him to do. The trips cost the government as much as $860,000, and Mr. Panetta paid about $630 per trip for a roundtrip flight that costs the Pentagon about $32,000, defense officials told the Associated Press.” (Susan Crabtree, “Panetta Paid $17k For $860K Commute To California,” The Washington Times, 4/6/12)

“As If The General Services Administration Flap Wasn’t Bad Enough — An $820,000 Conference/Party In Las Vegas — Now The Secret Service Prostitution Scandal Is Giving Headaches To The Obama Administration.” (David Jackson, “Obama Grapples With Secret Service, GSA Scandals,” USA Today , 4/18/12)

No Government Officials Responsible For “Fast And Furious” Have Been Held Criminally Liable. “One year ago today, Border Patrol Agent Brian A. Terry was gunned down in Arizona near the Mexican border by illegal immigrants armed with weapons from the now-infamous ATF ‘Fast and Furious’ gunwalking operation. Terry’s killing has touched off a firestorm that crossed international borders and trigger investigations, Congressional hearings, denials and admissions to the upper levels of the Justice Department. A statement issued today by Terry’s family raises the notion that responsible government officials should be prosecuted. ‘We now believe that if it can be shown that laws were broken, then all those responsible for Fast and Furious should be held criminally liable,’ reads the statement.” (Sharyl Attkisson, “Terry Family Marks One Year Anniversary Of Death Of Their Son, Brian Terry, Murdered Border Patrol Agent,” CBS News , 12/14/11)

“Jim - coffee at Caribou Coffee - across the corner from the WH - would work at 11:30 a.m. on Friday…plus getting you through the new WH security rules these days almost takes an act of Congress almost (and you know how well that’s going these days),” Smith wrote. “[P]lus you’d appear on an official WH Visitor List which is maybe not want [sic] you want at this stage …” (Jennifer Epstein, “GOP: W.H., Messina ‘Failed’ On Transparency,” Politico, 7/31/12)