- Last Updated: 12:39 AM, May 24, 2012
- Posted: May 24, 2012
To President Obama and his campaign, venture capitalists come in two flavors:
* Avaricious vultures (Mitt Romney comes to mind).
* The good kind: folks who are putting their money where the White House says it will do the most good — in Obama’s re-election campaign.
Folks like New Jersey’s ex-Gov. Jon Corzine — who remains a major Obama campaign bundler, even while under investigation by several federal agencies for alleged Wall Street-related misconduct.
It turns out that Corzine was paid more than $8 million in cash and (now worthless) stock options by securities brokerage MF Global shortly before it went belly-up and mysteriously “lost” a staggering $1.6 billion of its clients’ money.
Team Obama has returned Corzine’s donations — but it’s still more than happy to pocket any and all cash he brings in from his friends.
Sen. Jon Tester (D-Mont.) has said “people need to go to jail” over MF Global’s collapse — but to date, no one’s even been charged.
Indeed, a new PBS documentary reports that Corzine personally lobbied regulators not to ban a strategy that allowed his firm to borrow money from customer accounts to fund trading elsewhere. That strategy, “internal repo,” was critical to Corzine’s betting the MF farm on risky European debt.
It also appears that MF Global illegally commingled company and client funds to pay off financial obligations.
Yet Corzine is not considered a vulture.
Nor are those top execs at Mitt Romney’s old firm, Bain Capital, who’ve been pouring money into the Obama campaign and the Democratic National Committee.
Bain itself, of course, is the prime focus of Obama’s wrath these days, with campaign ads ripping the firm as “vulture capitalists.”
Obama is facing mounting criticism from — surprise — his fellow Democrats over these attack ads.
Newark Mayor Cory Booker, former Democratic Party Chairman Ed Rendell, Sen. Mark Warner and Obama auto czar Steve Rattner have all questioned Obama’s seeming attack on the free-enterprise system.
Booker, of course, walked back his public criticism of the “nauseating” attack “of his own volition,” says Team Obama — a claim contradicted by Booker himself, who admits the campaign spoke with him.
Obama, of course, is about nothing if not double standards. But this time, he truly has outdone himself.Follow @NYPostOpinion