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President Obama praised then-N.J. Governor Jon Corzine at a 2009 rally as an “honorable man” and one of his “best partners” in the White House. Obama insisted Corzine was a man who “tells it to you straight” and highlighted how he and Corzine worked together to put the stimulus together.
The AP reports: At least two class-action lawsuits on behalf of MF Global shareholders have been filed against Corzine and three other top executives. They accuse the firm and its top executives of making false and misleading statements about MF Global's financial strength, internal controls and cash balances. MF Global filed for bankruptcy protection on Oct. 31 after a disastrous bet on European government debt. In just a week, stock investors lost about $585 million, the shareholders say. More than $600 million in clients' money is still missing. Regulators say MF Global moved the money out of client accounts within days as the firm's cash dried up. No one at MF Global has been charged with a crime or civil violation. But regulators and the FBI and other criminal investigators are investigating MF Global's failure, and Corzine has hired a prominent white-collar defense attorney.