Corzine and liberal hypocrisy

Jonathon Tobin:

As Seth noted earlier, the collapse of former New Jersey Governor and Goldman Sachs co-chairman Jon Corzine’s latest financial venture is the end of his hopes for higher office. But it is more than that. The discovery that $700 million of the money investors put into his MF Global firm is missing is a shocking scandal that highlights liberal hypocrisy as much as it does the excesses of the world of Wall Street high finance.

Corzine is not just another high-flying investment ace that was shot down by bad bets — in this case by his firm’s decision to put customers’ money in European sovereign debt. Such figures are generally associated with the fat cats whom popular culture tells us are all Republicans who finance conservative causes. Corzine was, after all, not just a Democrat but one of the party’s bright hopes just a few years ago and a leading liberal advocate for bigger government as well as, in a touch dripping with irony, for reining excessive compensation for Wall Street executives. More than just a stereotypical “limousine liberal,” Corzine was a major figure in mobilizing financial support for the Democratic Party, a role that he continued to play even after losing his try for re-election in 2009 to Chris Christie. The White House will try to distance itself from Corzine, but the disgrace of one of his leading bundlers will make it a little harder for Obama to spend the next year wandering the countryside complaining about Republican responsibility for Wall Street greed and income inequality.

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Even if the money is found, it being missing ruins Corzine's aura of competence, or at least what is left of that aura after his time in Trenton.  It is difficult to come up with a satisfactory explanation for a missing $700 million in customer funds.  Obama will probably have to return his campaign contribution at a minimum, but he has also lost his ability to blame Wall Street shenanigans on Republicans.