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Obama Recruits Former Goldman CEO and Ex-NJ Gov Corzine to Win Back Wall Street


In gearing up support for 2012, President Obama has called in former Goldman Sachs CEO and ex-New Jersey Governor Jon Corzine to win back support for the President from leaders in the banking industry. New York Post:

"The beleaguered president has recruited former Goldman Sachs head honcho Jon Corzine to shore up re-election funds from the banking industry, which is furious over Obama's financial regulations.

Corzine, the former governor of New Jersey who was blasted out of office by Republican Chris Christie in 2009, has attended secret meetings with the president and has been working on Obama's 2012 campaign for months, The Post has learned.

The Democrat, who now leads Manhattan-based brokerage MF Global, has been tasked with scraping up the very little banking-industry support Obama can still get."

President Obama campaigned heavily for Corzine's failed 2009 gubernatorial reelection bid. Corzine was first elected to U.S. Senator for New Jersey in 2000, following his 1999 exit from investment banking giant Goldman Sachs after a power struggle with future Treasury Secretary Hank Paulson. Corzine made an instant $400 million when Goldman Sachs went public in 1999.

The President has been criticized by Republicans during his first term for what some saw as an attempt by the Oval Office to "Demagogue" and "Demonize" Wall Street. But Obama has been courting Wall Street of late, including attending a $35,800-a-plate fundraising dinner in New York City in late June hosted by a committee of bankers, private equity executives and hedge fund managers. Corzine hosted a similar event for Obama at the former Governor's home this past April.

The New York Post eludes that Corzine's support could be motivated by the former governor's desire to get back into the national political dialogue:

"Success could resuscitate his political career with a top post -- such as treasury secretary or a key ambassadorship -- if there is a second Obama term"

Current Treasury Secretary Timothy F. Geithner has allegedly told White House officials that he is considering exiting his post after President Obama and Congress come to an agreement on the nation’s debt limit.

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