BREAKING NEWS

Obama campaign returns cash from MF Global's Corzine

By REUTERS

DECEMBER 24, 2011 05:45

CHICAGO - US President Barack Obama's campaign has returned some $70,000 in contributions made by embattled MF Global chief Jon Corzine and his wife, a campaign official said on Friday.

Corzine, a former Democratic senator, governor of New Jersey and one-time leader of Goldman Sachs, was one of the top so-called "bundlers" and surrogates for the campaign, leveraging his elite network to lump together donations to benefit the Democratic incumbent's re-election bid.

As of early last month, the former Goldman Sachs chief had raised donations of at least $500,000 for Obama's 2012 effort.

The campaign said in early November it would return the donations made by Corzine if he were charged with any wrongdoing. The campaign severed ties after Corzine's securities firm imploded and he agreed to testify before a congressional committee about $1.2 billion in missing investor funds.

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